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Mark Yusko, the Founder, CEO, and CIO of Morgan Creek Capital Management, has expressed strong support for the proposed U.S. Bitcoin Reserve Bill, but with a dose of realism about its current shortcomings.
In a recent interview with Thinking Crypto, Yusko explained that the United States doesn’t actually have a strategic Bitcoin reserve; what it has is a digital asset stockpile built largely from Bitcoin seized through criminal and civil asset forfeitures.
He said, “We actually don’t have the strategic Bitcoin reserve, which would be awesome if we did. What we have is the digital asset stockpile.”
Push for a Strategic Bitcoin Reserve
Senator Cynthia Lummis and other lawmakers have been pushing for legislation that would allow the U.S. government to buy Bitcoin regularly over a five-year period, treating it like gold, as a part of the nation’s financial reserves.
The proposal, however, has hit political roadblocks. Tensions in Washington and allegations of insider benefits have slowed progress. Yusko also said that some officials are worried about how a large Bitcoin reserve might be managed or protected, citing risks like hacking or misuse.
Why Bitcoin Beats Gold and Fiat
Yusko didn’t hold back on his criticism of fiat currencies, calling them easily manipulated and a tool for wealth erosion through inflation. He sees Bitcoin as a superior form of money, one that operates independently of governments and provides protection against monetary debasement.
“Gold replaced silver, silver replaced bronze and Bitcoin is now replacing gold. It’s not that gold is bad; Bitcoin is just better,” he added.
Governments Will Resist — But Not Forever
Yusko was candid about why governments resist Bitcoin adoption. According to him, fiat systems give those in power the ability to print, spend, and benefit in ways that ordinary citizens cannot. “It won’t happen overnight, but all nation-states will migrate to Bitcoin eventually. It’s the natural evolution of money,” he said.