Mark Yusko, the CEO at Morgan Creek Capital Management says coronavirus is unleashing a once in a lifetime downturn.

Yusko appeared on CNBC’s “Trading Nation” to talk about how the closest comparison to the coronavirus ravaged economy is the Great Depression. The hedge fund manager on Thursday,

“The economic shock wave that’s coming is going to be like nothing that any of us has ever experienced because it’s going to be very similar to the 1930s.”

Since hitting its all-time highs, S&P 500 has plunged 26% while the Dow is down 28% from its record high. In the first quarter of 2020, both the indexes recorded a negative 23% and 20% returns respectively.

The market is not expected to make a real recovery until the number of coronavirus infections and death peak. The COVID-19 pandemic has infected 1,040,664 people globally and 55,191 people have lost their lives to it.

Yusko is currently short on “a lot of stocks,” he is particularly bearish on retail, consumer stocks, and over-leveraged companies.

According to Yusko, the market is not showing any signs of recovery and it’s not late to cut losses and go into cash in response to coronavirus.

“Cash is king,” said Yusko, who manages $1.7 billion in assets. “We’re in for a very drawn-out bear market.”

Besides cash, he finds gold miners as an attractive option. Interestingly, gold has beaten other assets by ending the Q1 with a positive 4% returns. Yusko also finds opportunity in Bitcoin, an asset that is part of his investment portfolio.

“Bitcoin is next in line to the throne,” added Yusko on Twitter.

The world’s leading cryptocurrency fell 50% from its mid-February high of $10,500 but since then has recovered 80% of its value as it currently trades at $6,700.

However, given that bitcoin hasn't decoupled from the stock market yet, it could still be in for some pain as Yusko estimates the negative effect from the global economic shutdown to combat novel coronavirus won’t be limited to just weeks and months but quarters and years.

But quantitative easing by central banks all over the globe will work in Bitcoin’s favor which is “insurance against the collapse of the financial system.” Yusko said,

“The stimulus response from the government is going to have a negative impact on currencies globally, particularly western currencies. So, you want to have something that appreciates in value. Bitcoin is going to do that.”

Yusko is not alone in thinking this, much like the vast majority of the crypto community, Morgan Creek Capital founder Anthony Pompliano also sees central banks printing money to push the price of bitcoin higher by “hundreds of percent.”

Also, while central banks are focused on quantitative easing, bitcoin will go through “quantitative-hardening” next month that will cause miner flow to be halved from 1800 BTC per day to 900 BTC per day and the scarcity, the S2F to double to 54 years.

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