Anthony Scaramucci, an American financier, believes that bitcoin is a monetary standard that could one day become a global reserve currency. He attributed the volatile nature of the digital asset to the fact that it is still in its early stages of adoption.
BTC Functions Well as a Monetary Network
During an interview with Natalie Brunell, Anthony Scaramucci, Founder and Managing Partner of SkyBridge Capital, discussed bitcoin’s merits and future development.
The top executive avoided the subject of Bitcoin’s volatility, claiming that it is normal for a relatively new asset class and comparing it to Amazon. The CEO of SkyBridge Capital emphasized that the e-commerce giant is now one of the leading companies, implying that the primary cryptocurrency is also moving in that direction:
“Bitcoin is volatile because it is still in its early stages of adoption. Amazon’s volatile curve was the same 24 years ago. However, if you had invested $10,000 in Amazon at the time of its IPO, you would now have $21 million.”
Interestingly, Scaramucci is not the first person to make such a comparison. In March, he compared the asset’s performance to that of Amazon’s stock and reiterated his belief that bitcoin is superior to gold.
Scaramucci went on to say that bitcoin is more than just a currency. It is a functional financial network as well as a monetary standard. The asset’s most significant advantage, according to him, is its decentralization:
“Bitcoin is a decentralized currency. And financial instruments work better when power is placed in the hands of the people rather than in the hands of the government.”
Conduct Your Own Investigations
Despite praising the primary digital currency as a highly successful financial instrument, Scaramucci stated that his backing is not limited to it. He sees value in other digital assets, including Ethereum, the second-largest.
He also encouraged people to learn more about cryptocurrency. Even if they are skeptical of the market, they should understand why:
“Understand why you don’t want to own bitcoin, and don’t just say, ‘Oh, this is rat poison.’”
Scaramucci advised the public to allocate no more than 5% of their total savings to initial investments in the field. As a result, even if prices rose, they would still make a good profit. On the other hand, if the value of bitcoin begins to fall (which he doubts), the loss will be insignificant.
As a result, he believes bitcoin has reached a point where the US government has no legal authority to prohibit it. Instead, officials could only tax or regulate it, which is something they have been working on for the past year or so.