Anthony Scaramucci’s Bitcoin and Possibility to Replace Gold

Investors need to embrace the trajectory and level of market volatility. Bitcoin According to SkyBridge Capital’s Anthony Scaramucci, digital currencies will become more widely adopted worldwide.

Followed by Record highs of over $ 63,000 In April, Bitcoin prices fell sharply in a few weeks. More than half of the previous highStill, it has risen by more than 10% since the beginning of 2021. According to Coin Metrics data, Bitcoin was priced at $ 33,744 at 2:35 EST on Wednesday.

Scaramucci told CNBC’s “Capital Connection” on Tuesday.

SkyBridge Capital owns “about $ 500 million” in Bitcoin, said Scaramucci, the company’s founder, co-management partner and CNBC contributor.

He said Bitcoin is still in its early hiring stage and will be a “substitute” for gold. “We really like the upside traits and are ready to accept Bitcoin’s volatility. There is. “

According to CoinMarketCap, Bitcoin, the cryptocurrency with the largest market capitalization, is being marketed as a potential rival of gold for long-term storage of value. But now Bitcoin prices are more exponential than gold prices. It tends to fluctuate.

“if you Amazon At the 1997 IPO, if you had that stock, $ 10,000 for that stock at that IPO is now worth $ 24 million. But according to Metcalfe’s Law, as stocks scale, we’re exposing ourselves to eight periods when stocks have fallen by at least 50%, “he said.

According to Metcalfe’s Law, the value of a network is proportional to the square of the user. Skybridge’s research division expects Bitcoin users to grow from 125 million today to 1 billion by 2025, Scaramucci said.

“Think of the phone systems of the early 1900s when people bought those phones and started connecting to each other,” he said. “It’s like what’s happening to Bitcoin right now. . “

“I’m sure we’ll be sitting here a year or two later and talking about this volatility, but we’re also amazed at Bitcoin’s uptrend over the next 24 months,” Scaramucci said.

Anthony Scaramucci’s Bitcoin and Possibility to Replace Gold

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