Anthony Scaramucci – the founder of Sky Bridge Capital – believes that those who haven’t gotten their hands on bitcoin yet still have a good chance of making returns and profit on the world’s number one digital currency by market cap. He also believes that volatility will become less severe as time goes by and more people and businesses agree to adopt the currency.
Anthony Scaramucci Says It’s Not Too Late When It Comes to Buying BTC
In a recent interview, Scaramucci says that people who didn’t invest in Amazon stock during its earliest days but still chose to purchase it at any point between 2009 and 2021 would have likely seen heavy returns on their buys given how far Amazon has come and how high its stock is today. He says the same thing applies to bitcoin, commenting:
Bitcoin is 12 years old, but if you bought Amazon after the 12th year, you got a 64x return on your money from 2009 to 2021. Amazon now, 20 years later, is trading with more stability. It got a big pop because of the pandemic, but just look at its long-term chart, and I think that will happen to bitcoin. Once it fully scales, you’re going to be looking at the situation and saying, ‘OK, it’s way less speculative.’
Again, using the Amazon example, Scaramucci points out that following the company’s initial public offering (IPO) in the year 1997, the company’s stock rose as much as 3,600 percent by 2009.
No doubt Scaramucci is a believer, along with several additional people like him. However, bitcoin is still encountering heavy problems from skeptics, who claim that the volatility is a significant issue that will never allow it to come full circle. One such person who doesn’t think highly of bitcoin is New York University finance professor Aswath Damodaran, who in an interview with CNBC claimed:
As a collectible, it’s gone up a lot, but it’s not gone up at the right times. In fact, last year when stocks were collapsing, bitcoin went down even more. That’s not what you want in a collectible… I think there will be a good cryptocurrency. I just don’t see how bitcoin can be it.
Still Working Itself Out
In bitcoin’s defense, Scaramucci says that the world’s number one cryptocurrency is still very much in a period of transition, but that the blockchain technology behind it has a lot to do with the fact that it’s come so far in the past few years. He says:
Bitcoin got to a $1 trillion market cap faster than [so many other] companies, primarily because it’s decentralized, so now you’re taking all that C-suite drama and all the politics associated with it away from it. It’s a fully scaling, monetary network and store of value and it’s going to get there over the next 15 years.