19 Mar 2021 #Bitcoin
Getting to grips with Bitcoin reveals its benefits over gold as a store of value, says SkyBridge Capital's Anthony Scaramucci. Bitcoin (BTC) is superior to gold if investors take the time to study it, says hedge fund manager Anthony Scaramucci.
In an interview with CNBC on March 18, Scaramucci, who is CEO of SkyBridge Capital, reinforced his belief in Bitcoin for mainstream audiences.
With Bitcoin surging in 2021, questions continue to be asked about whether the gains are coming at the expense of gold, which has failed to capitalize on risks associated with global government money printing. Comparing the two assets, Scaramucci left little doubt as to his preference, arguing that gold may have been the choice for a store of value for 4,000 years, but nothing is forever.
"The world is changing — that's the final record, Joe, the world is changing," he told host Joe Kernen.
The comments fly in the face of staunch gold bugs, notably Peter Schiff, who remains convinced that Bitcoin will fail, leaving gold as the sole choice to escape the perils of central bank economic policy. Continuing, Scaramucci stressed that Bitcoin fulfilled the role of money as technology — a central argument among Bitcoin proponents such as "The Bitcoin Standard" author Saifedean Ammous.
"In a lot of ways, if you study it, it's better than gold. It's easier to store, you can move it around more quickly, and that value — that trusted network — is growing." "And be prudent," Scaramucci continued. "You don't have to own a lot of it, but just some of it."
He also estimates that there are currently around 125 million Bitcoin users, and expects that number to reach 1 billion by 2025.
SkyBridge made headlines when it launched a BTC fund in December 2020, at a time when Bitcoin's price was in the midst of one of its parabolic surges towards $30,000. Since then, the institutional trend has merely accelerated. This week, Morgan Stanley became the first major bank to offer clients exposure to Bitcoin funds.
As Cointelegraph additionally reported, Robby Gutmann, CEO of fund provider NYDIG, hinted that this week would form the start of a slew of adoption announcements, which would be "game-changing" in nature.
"Investors are getting hammered by mainstream media with the accurate narrative — bitcoin is superior to gold," Anthony Pompliano, co-founder of Morgan Creek Digital, responded to Scaramucci, praising his efforts.
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