Bitcoin just keeps falling into oblivion. At the time of writing, the world’s number one digital currency by market cap has dropped into the $47,000 range, which is lower than it has been in quite a long time – especially considering at around this time last month, the asset was trading for well over $64,000. However, it was expected that BTC would undergo a hard correction considering how fast it moved up, and Anthony Scaramucci of Sky Bridge Capital believes the asset is still at the top of the financial ladder.
Scaramucci Is Defensive of the Recent Price Drop
As the founder of an investment firm, Scaramucci is defensive of the price drop and believes it is “still the currency to own.” While he says it is quite difficult to convince big investors that they should have bitcoin and additional cryptocurrencies, he believes that those who do possess it or that have added it to their portfolios in the past year are smart enough to hold it for the time being and not just sell it at the first signs of trouble.
In an interview, he explains:
As an investment adviser and someone who has been running money for 30 plus years, it is responsible of me to tell my clients to own one percent, two percent or even three percent. I am not telling them you have got to own 100 percent of your net worth in it, but if we are right, you do not want to be missing out on this.
Scaramucci is not the only man at press time to believe that bitcoin is and always will be at the top. Recently, Jack Dorsey – the man behind both Square and Twitter commented that:
Bitcoin changes everything… for the better, and we will forever work to make bitcoin better.
For the most part, Scaramucci is a true bitcoin man, and while he acknowledges that it may be a little smart to have a small portion of one’s portfolio devoted to specific altcoins, he says that all customers looking to enter the crypto market space should focus their attention on BTC. Even high-ranking coins such as Doge – which has recently become the fourth-largest cryptocurrency by market cap thanks to support from the likes of Elon Musk and a few other billionaires in recent days – is not enough to convince Scaramucci of its alleged prowess.
Not All Crypto Is Equal
He claims that Dogecoin is “too far off the scale” for his clientele at press time, stating:
Maybe it will be silver to bitcoin’s gold. This is happening. This is upon us right now. You either get it or you do not get it.
However, Scaramucci may be off the mark dismissing Doge so easily considering it is already on a path towards recovery from its recent price drop while BTC has sunk lower.