Updated 26 Oct, 2021

Bitcoin Resembles Big Tech In Its Early Days, Scaramucci Says

High buildings with Bitcoin in the sky on a grey background - Bitcoin Resembles Big Tech in Its Early Days, Scaramucci Says



Key Takeaways:

  • Anthony Scaramucci says Bitcoin is like Big Tech such as Facebook or Google in its early days.
  • He argues those who study and understand bitcoin end up investing in it.

Bitcoin is Similar to Big Tech in Its Early Days

Fund manager Anthony Scaramucci thinks Bitcoin is similar to Big Tech companies like Facebook or Google in their early days. Moreover, he credited Bitcoin’s volatility to its relatively early stage of broader adoption.

“They all started with a wave of oscillating volatility before they stabilized,” said Mr. Scaramucci, a notable Bitcoin bull. Speaking on CNBC’s “Capital Connection” on Monday, he argued bitcoin is treading the same path as today’s technology giants.

“Of course, they all yielded tremendous growth and great returns, which I think bitcoin will do.”

Anthony Scaramucci, a former high-ranking employee at the White House during the Trump administration, revealed he owns $1bn in bitcoin. The reason being, he believes the original cryptocurrency will continue growing. Ultimately, he predicts, bitcoin would become “digital gold” and even a “gigantic asset class”. Before that, however, he said bitcoin needs to “get more stable, a less volatile asset.”

“Those Who Study Bitcoin, Invest in It”

“Do the homework on bitcoin, understand what it is,” said Mr. Scaramucci, who now runs his own SkyBridge Capital fund. He advised going through the Bitcoin whitepaper by the pseudonymous Satoshi Nakamoto.

“Anybody that does the homework … ends up investing into it. Look at Ray Dalio, a bitcoin skeptic, now a bitcoin investor,” Mr. Scaramucci commented. He also went further to give a few other examples of big-name investors who are now bitcoin backers. Among them, Mr. Scaramucci cited, are Paul Tudor Jones and Stanley Druckenmiller.

“These are brilliant guys [who] did the homework and drew a conclusion that they needed to own a piece of bitcoin,” he said.

In conclusion, Anthony Scaramucci highlighted the outsized returns bitcoin has yielded in its relatively short history. “If you had 1 cent in bitcoin and 99 cents in cash over the last decade, you outperformed everything. Just think about that,” he said.

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