‘Bitcoin Has No Back Door’: Mark Yusko on Gold Comparison

Bitcoin (BTC), the leading cryptocurrency asset, has always been compared to gold. A veteran Bitcoin investor and CEO of Morgan Creek Capital, Mark Yusko, has highlighted the supremacy of the digital asset over gold.

Fixed supply sets Bitcoin apart from gold

Yusko’s reaction comes to counter a prior claim by an online personality with the user name Nonzee, who claimed that Wall Street has built a “back door” into Bitcoin.

Yusko argues that Bitcoin cannot be secretly manipulated, controlled, altered or shut down by the government. According to him, “Bitcoin has no back door.”

This implies that Bitcoin has no hidden override switch that allows a small group of insiders, the government or a company to dictate its outlook. The rules and operations of the asset are enforced by the network and open-sourced code, as it is completely decentralized.

Additionally, unlike fiat or gold, Bitcoin does not have an indefinite supply. Yusko emphasized that Bitcoin is capped at 21 million BTC. This gives the asset its scarcity value as supply is limited and predictable. It is this fixed supply that drives the value of the asset in the digital market.

Yusko also distinguished Bitcoin from gold when he noted that “derivatives do not neuter assets.” He implied that gold derivatives arguably made it less responsive to scarcity signals. With Bitcoin, the investor insists that the asset is harder to “paper over” in the long term as supply remains fixed at 21 million BTC.

He, however, acknowledged that Bitcoin whales could manipulate short-term prices, but in the long term, the demand and supply pull wins. This is to emphasize that, over the long run, prices move in line with scarcity, adoption, real market demand and supply availability.

Bitcoin’s price outlook

Interestingly, after Bitcoin hit an all-time high (ATH) of $126,000 in October 2025, the asset has faced market volatility and continued on a steady decline.

Even whales who purchased the coin above the psychological $100,000 level have not been able to help the price stay up. A fact that supports Yusko’s stance.

As of this writing, Bitcoin changes hands at $67,760.15, which represents a 2.78% increase in the last 24 hours. The coin had earlier plummeted to a low of $65,706.56, then rebounded to the current level.

However, trading volume remains deep in the red zone by 39.99% at $88.67 billion. Despite the upward price movement, market participants are still cautious and appear to look out for stability before committing more funds, as it decouples from traditional assets.