In a recent interview, former White House Director of Communications Anthony Scaramucci, who is the founder and managing partner of global alternative investment firm SkyBridge Capital (“SkyBridge”), shared his thoughts about Bitcoin.
SkyBridge is “a global alternative investments firm specializing in multi-strategy commingled fund of hedge funds products, custom separate account portfolios and hedge fund advisory solutions to address the needs of a wide range of market participants ranging from individual accredited investors to large institutions.”
Speaking in a recent interview with CNBC, Scaramucci, compared Bitcoin’s price volatility to the price volatility of Amazo stock in its early days.
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As reported by MAXBIT.CC, Scaramucci said:
You go back through Amazon as an example, went through eight periods of time where it dropped at least 50% since its inception, yet if you had a $10,000 investment in Amazon on its IPO, it’s worth $22 million today.
Scaramucci related his experience of surviving the Nasdaq debacle of the early 2000’s, saying “many things got decimated,” but that ultimately the quality companies were able to last.
He told investors it was important to focus on quality while recognizing that Bitcoin “is not a store of value at this moment,” or even technically a currency.
Instead, he called Bitcoin an early adoption technology, with an early adoption technical story that is going to generate large amounts of volatility.
He brushed off giving price predictions for Bitcoin’s volatility in the short term, pointing to its strong long-term trend as a better substitute:
… I’m not going to be able to predict what’s going to happen, but I’m willing to venture that more people will own Bitcoin on 12/31 of this year than they did prior… And Bitcoin is going to have, in my opinion, half a billion wallets, possibly a billion wallets as we get to 2024. So people should ride this stuff out. I think it’s nonsensical to expect just an asymmetric 45-degree line in any story as new as Bitcoin.