By laying the foundations for the Internet of Value, cryptocurrency and blockchain will bring in more wealth than Web 1.0 and Web 2.0, Mark Yusko, CEO of Morgan Creek Capital, said in an exclusive interview with Cointelegraph.
“We haven’t even reached the part of growth equivalent to Web 3 that will bring untold wealth,” Yusko said.
In his career as a hedge fund manager, Yusko has benefited from investments in early internet technologies. He switched to cryptocurrency in 2017 after realizing its potential to create an internet of value — a new iteration of the internet that will allow users to exchange value directly, bypassing financial intermediaries.
Compared to previous versions of the Internet that revolutionized commerce and media, the “Network of Trust,” as Yusko called it, would generate vastly more wealth.
“Financial services are much more than information, media and commerce,” he said.
However, Yusko is convinced that before entering the parabolic growth phase, the crypto industry will have to overcome the resistance of traditional financial players, and may face another major correction.
“The actors don’t really want the destroyers to win, so they’re going to fight hard. They’re going to put up regulatory barriers — they’re going to try to buy out the companies and the technology envelope.