Mark Yusko: Bitcoin's Price Isn't Going Up, Your Money's Value is Going Down

It's very difficult for passing observers to get a handle on something like Bitcoin. What is it? Fad? Nerd candy? Ponzi? Speculator's dream?

The digital asset space has indeed been divided between hype and FUD, with little room for real thought. Morgan Creek's Mark Yusko bucks those trends. He's strident and clear: Bitcoin is a revelation, a revolt against the fiat money system and central banking.

And it is isn't immediately obvious why Truflation would care one way or the other about digital assets – not, that is, until someone like Yusko makes the ultimate case.

Bitcoin is, in his way of thinking, an improvement upon history's most perfect money, gold. Bitcoin can be indefinitely divided into fractions, and is easily portable – two non-aspects of gold long thought to be fatal flaws.

READ Sober Truth: $76,623.74 is Bitcoin's Real All-Time High, Inflation-Adjusted

From there, Yusko gives listeners to this episode of Truflation Spaces a sincere gallop through financial history, going as far back as the Spanish armada's defeat, up to our time today.

He pins money devaluation squarely on the invention of central banking. It's on purpose, and it is at your expense. Inflation wasn't a thing until governments centralized banking and moved away from the fiscal discipline gold implies.

READ Raoul Pal: You Have 6 Years to Get Rich Before Everything Changes

The imbalance manufactured by central banking has led, Yusko claims, to the greatest gap between Haves and Have-nots.

"If creating wealth was as simple as printing money, wouldn't everybody do that? Wouldn't every country in the world just print?" he asked rhetorically. "I have in my office at home a 100 trillion Zimbabwe dollar. It would not buy a loaf of bread."

Zimbabwe "tried to print lots and lots and lots of money to make Zimbabweans wealthier, but it doesn't work. This is why Bitcoin is so important – it's not that Bitcoin gets better; everybody says the price of Bitcoin went up, no it didn't. One Bitcoin equals one Bitcoin and will always equal one Bitcoin. But we don't price Bitcoin in bitcoin, we price Bitcoin in dollars, yen, euros, bolivars," he stressed.

"There's almost never been a bear market in Venezuela for Bitcoin because the bolivar has just gone down – same thing with Turkish lira and so many other countries. What people are missing is 'number go up, number go up.' No, no, no, no, no: it's the currency that you value it in, 'go down,' and we are in a global race to the bottom," Yusko insisted.

Listen to the full episode here.

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