• Anthony Scaramucci said Elon Musk had “scared people” off Bitcoin, but backed it to soar in the long run.
• He said bitcoin was like Amazon stock, which swung dramatically in its early history.
• Scaramucci’s SkyBridge Capital has around $500 million in bitcoin and sees it as digital gold.
Despite Bitcoin’s success, in fact, the most successful investment in human history, it still has its detractors who continue to label it as a scam. However, others have joked, “Almost as big a scam as fiat currency – which many Bitcoin supporters suggest is likely to collapse before Bitcoin will and is the real scam run by central banks.“
However, critics argue that bitcoin is not comparable to stocks as it has no intrinsic value (https://www.businessinsider.com/bitcoin-value-negative-environmental-impact-nouriel-roubini-cryptocurrencies-2021-2?utm_source=markets&utm_medium=ingest).
Scaramucci said he was confident bitcoin would similarly shoot higher because millions of more people would adopt it as a replacement for gold in investment portfolios.
Bitcoin fans argue the crypto asset’s scarcity means it can be a store of value that will protect investors against inflation, as gold traditionally has.
“Right now, we have about 125 million [bitcoin] users globally,” Scaramucci said. “Our research department of SkyBridge thinks that you will have at least a billion users by 2025.”
This also offers massive opportunities for up-and-coming cryptocurrencies. Etheruem in particular has been the star over the last 5 years, being a much better investment than even Bitcoin.
And now with Ethereum 2.0 recently listed and also Bitcoin 2.0 (recently listed on www.bit-xchange.org) then the returns for speculators, or long-term investors can be immense.
Ie for Bitcoin to go tenfold now, which is still likely over the next 3-5 years it would have to hit $330,000 USD.
Where for new cryptos such as Bitcoin 2.0, it only has to rise from its list price of $0.20 cents to $2.00 to achieve the same return, which could happen with weeks or months.
Robert Kiyosaki of Rich Dad, Poor Dad fame, said, “Whilst ever they keep printing and destroying the USD, then crypto will boom”.
It seems a pretty safe bet that the “Printing of money isn’t going to stop any time soon, so Cryptocurrencies have a lot of upsides”.