Anthony Scaramucci, the founder of the global investment firm SkyBridge Capital that recently launched a Bitcoin fund, envisions massive gains for the cryptocurrency. Furthermore, the former investment banker at Goldman Sachs said that BTC is “better at being gold than gold is.”
Bitcoin Is The Better Gold
Apart from founding his own investment company and working in the financial sector, Scaramucci also served as the White House Director of Communications briefly in 2017.
More recently, he has openly praised bitcoin as his company decided to launch a designated BTC fund. Upon the announcement, Scaramucci said SkyBridge Capital had invested $25 million in the new product.
In a new interview with Bloomberg, he seemed even more bullish on bitcoin, especially when comparing it to gold.
“Bitcoin is better at being gold than gold is at being gold. It’s easier to store, it’s harder to steal, it’s more portable, and so, therefore, it’s become the ledger or the storage of the future in terms of the storage of value.”
Scaramucci doubled-down on his previous narrative that the bitcoin adoption curve is still in the “early innings.” He believes that the entrance of several institutions and hedge fund legends such as Paul Tudor Jones III and Stan Druckenmiller is only the start as more will follow.
He also predicted that world governments, including the US, will finally set up clear regulations that will accelerate mass adoption.
Foreseeing A Massive Price Surge
Since Scaramucci believes that bitcoin will “effectively going to become digital gold,” he compared the market capitalization of both assets. Some estimations show that gold’s market cap hovers around $10 trillion, while BTC’s is about $650 billion.
SkyBridge Capital’s founder said that if the cryptocurrency reaches “just the half” of the yellow metal market cap, it will rise to about $5 trillion. With nearly 18,6 million bitcoins in circulation now, this would result in a price tag of $270,000 per coin.
Scaramucci also touched upon BTC’s infamous volatility that supposedly repels people. However, he said that Amazon’s stocks behaved similarly after the company went public. Moreover, he said that bitcoin is an asset that “people have to buy and hold.”
With BTC skyrocketing above $30,000 in the past few days, numerous large organizations and proponents rushed to make optimistic predictions. The giant multinational investment bank JPMorgan Chase & Co forecasted a price tag of nearly $150,000, while Fundstrat’s Tom Lee said BTC will reach $120,000 this year.