Bitcoin has a future, and unlike gold it is easier to store and move.
«It was 1500-something when Copernicus said we may be revolving around the sun. Things do change,» says @Scaramucci on #bitcoin #btc. «In a lot of ways if you really study it, it’s better than gold. It’s easier to store. You can move it around more quickly.» pic.twitter.com/X7vfu1A9eU
— Squawk Box (@SquawkCNBC) March 18, 2021
“In the early 16th century, Nicolaus Copernicus proposed that the Earth revolves around the Sun. Times change. In many respects bitcoin is better than gold. It is easier to store, it is easier to transfer.”, — said the financier.
In March, BlackRock concluded that gold does not justify its status as an inflation-hedging asset. In November last year, the firm’s chief investment officer said that the first cryptocurrency is capable of replacing the primary precious metal.
Prior to this, Citi’s managing director Tom Fitzpatrick called Bitcoin the digital gold of the 21st century.
In May 2019, Graysacale Investments launched a promotional campaign #DropGold, urging investors to abandon the precious metal in favor of the first cryptocurrency.
On CNBC, Scaramucci reaffirmed his optimistic outlook for bitcoin’s further prospects. Answering whether there is room to grow after such an impressive rally since October last year, he drew a comparison with Amazon’s stock.
“Bitcoin is 12 years old. If you had bought Amazon in its 13th year of trading on the market, then from 2009 you would have increased your funds 64-fold. Today, the stock prices of the e‑commerce giant show stability. Bitcoin could repeat such a path. Once it is fully scalable, you will say: ‘yes, it’s much less speculative now’, — explained Scaramucci.
The financier is convinced that the first cryptocurrency is still in a transitional period.
“Bitcoin has reached a market capitalization of $1 trillion faster than stock-market leaders primarily due to its inherent decentralization. It is a fully scalable monetary system and a store of value. The first cryptocurrency will continue to develop over the next 15 years”, — concluded the asset manager.
Back in December, SkyBridge Capital invested $25 million in bitcoin, with year-end investments in the first cryptocurrency reaching $182 million.
In January, the company launched a bitcoin fund with assets of $310 million.
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