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The founder of SkyBridge Capital – Anthony Scaramucci, is not stunned by the recent decline of bitcoin’s USD price. Just the opposite, he believes that its fiat currency value will reach new heights in the next 24 months.
BTC Will Be Back
In a recent CNBC interview, the American financier Anthony Scaramucci reassured the supporters of the primary cryptocurrency that it will overcome its current downward volatility. He reminded that Bitcoin’s performance in 2021 is still impressive, being 10% up, despite its recent nosedive.
SkyBridge Capital’s CEO made an interesting reference as he compared the digital asset to Amazon. In the late 20th century, the multinational e-commerce giant was in its infancy and its stock price was quite volatile as well. However, investing in it back then would bring massive gains nowadays:
”If you went back to Amazon’s IPO back in 1997, if you held that stock, $10,000 of that stock on its IPO is now worth $24 million. But you would have subjected yourself when the stock dipped at least 50% as it was scaling.”
Scaramucci opined that investors who keep holding bitcoin would ultimately benefit from it in the near future. According to him, BTC’s value will appreciate significantly:
”I’m very confident that we’ll be sitting here a year or two from now and talk about this volatility, but also be amazed at the upward trajectory of BTC over the next 24 months.”
In addition, he said that what’s happening to the primary cryptocurrency now is very similar to the invention of the phone system in the early 1900s when people started buying those phones to connect with each other.
A Bitcoin Bull No Matter What
Anthony Scaramucci has shared his sympathy for Bitcoin on numerous occasions. During the sharp price decline in May when most experts started predicting negative scenarios for the asset, SkyBridge Capital’s founder did not change his stance. He stated that Bitcoin’s 2021 bull cycle has not stopped completely and will resume later in the year.
On the contrary to the accusations that the digital asset consumes too much electricity and is harmful to the environment, he pointed out that its overall carbon emission is only 0.13%. Furthermore, a substantial amount of energy comes from renewable sources.
Recently, Troy Gayeski – Co-Chief Investment Officer at SkyBridge Capital – doubled down on the organization’s support for Bitcoin. He surmised that the company believes in gold’s potential but would choose Bitcoin as an investment option over the precious metal.
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