Bitcoin is superior to gold in all respects: Skybridge Capital founder Anthony Scaramucci
Anthony Scaramucci, founder of alternative investment firm Skybridge, says why he’s betting big on bitcoin.
Speaking to Forbes, Scaramucci explains that both he and his research team were initially sceptical about Bitcoin. However, after a three-year evaluation process, he concluded that it was „better than gold.“
How Bitcoin convinced Scaramucci
To overcome his initial doubts about Bitcoin, Scaramucci looked at the situation from several angles. Following the mindset of Warren Buffett, he didn’t want to Crypto Revolt invest in something he didn’t understand. There were also lingering concerns that the share price could fall to zero.
Nevertheless, over time he came to the conclusion that it was a unique investment opportunity. He cites three reasons for this change of heart.
First, Scaramucci draws attention to the numerous rival blockchains that have come (and gone) since 2009 – and that none of them have managed to displace Bitcoin as the leading cryptocurrency (Bitcoin rally 2021 reloaded?).
„If you look at Bitcoin’s market cap compared to everything else out there, it dwarfs everything and is approaching the $1 trillion mark.“
Furthermore, Scaramucci describes BTC as an „indomitable“ exchange between two people. He sees as money in a new guise for the 21st century.
Finally, his observations of modern society highlight how technology has formed networks. These networks, he says, have tremendous value.
He points to examples like Amazon as the retail network and Facebook as the social network. And he looks at Bitcoin as the monetary network.
„Bitcoin is a monetary network. If we look at what has happened in the 21st century, we have seen the evolution of a retail network known as Amazon. We have seen the revolution of a social network known as Facebook. We have a search and advertising network known as Google.“
His concluding comments state that Bitcoin can act as an alternative store of value to gold. But in his opinion, Bitcoin is the better choice.
Gold is on the decline
Scaramucci did not elaborate on why he believes Bitcoin is better than gold – but there are numerous points that can be made here.
The supply of gold is unknown; add to that the fact that mining companies can discover new gold reserves. There will only ever be 21 million BTC, and that makes Bitcoin (To Buy Bitcoin Guide) a tougher asset than gold.
Others point out that Bitcoin is apolitical. But perhaps the biggest advantage is more convenient storage and better portability.
Bitcoin has outperformed gold since early 2021. Over the past five weeks, gold has lost 8%, with today in particular being a terrible day for gold fans. In contrast, bitcoin is up 14% over the same period.
Gold advocate Peter Schiff sees no fundamental reason for the sell-off in gold. He attributes it to whales picking on the little guy.
Nevertheless: Based on today’s price development, Bitcoin has proven that it is better at being gold than gold itself.