Coronavirus, which affects the whole world, continues to affect the economy negatively. Banks like Goldman Sachs warn that the economic effects of this virus will be much greater than envisaged.
Mark Yusko, CEO of Morgan Creek Capital, also made such a warning. Speaking to CNBC, Yusko thinks that we will see a crisis that we have never seen before.
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Under the management of Morgan Creek Capital, a hedge fund, there is a $ 1.7 billion asset. Mark Yusko, the CEO of this fund, is a well-known name both in the investment world and in the cryptocurrency world.
In his statements to CNBC, Yusko talked about the general situation of the stock market and its future projections. Yusko said that the stock market could lose more value and that it is now “selling out” many shares.
The most striking interpretation of Yusko was that the economic effects of the coronavirus can last for years. Many analysts think the virus will be controlled within a few weeks / months and the economy will recover in the second / third quarter. Yusko states that this crisis will be reminiscent of the 1930s and will last much longer.
That is why he reminds investors that he is now the “cash of the king” and proposes to seriously leave the market. According to Yusko, people can leave the market now and reduce their losses because the market seems to fall more.
We mentioned that crypto followers can also recognize Yusko because he is a strict Bitcoin supporter. Yusko did not neglect to mention Bitcoin in his statements to CNBC.
Mark Yusko believes that coronavirus will trigger an economic crisis that no one has ever seen. So, is there any way to be protected from this crisis, at least during this crisis, to ‘hurt less’?
He answers this question by pointing directly to gold and Bitcoin. According to Yusko, people will be able to take shelter in these two products in these difficult times and use them as safe ports. Yusko’s views on Bitcoin are as follows:
“It is an insurance taken against the possibility of Bitcoin financial system collapse. The incentive packages prepared by the states will negatively affect every currency in the world. Especially the western currencies. You will need something that can preserve its value during this period. This is Bitcoin. ”