2021-11-14 00:17 |
SkyBridge Capital Anthony Scaramucci believes Bitcoin (BTC/USD) will eventually topple gold. Scaramucci shared his sentiments during an interview earlier today, saying he would never sell gold short because it has a 5,500-year history as a store of value. However, like everything else in society, colossal improvements in technical properties tend to eclipse things.
In the interview, Scaramucci gave the example of how Netflix and live streaming edged out DVDs. Comparing this to the current situation with BTC and gold, he said the Satoshi Nakamoto whitepaper pushed the world into a new era. According to him, the technical properties associated with BTC are infinitely better than gold.
Scaramucci pointed out that people can move BTC cautiously, store it virtually cautiously, and the ledger technology it runs on is missile-locked, meaning it can’t be hacked. He also highlighted that BTC is scarce, seeing as it has a maximum supply of 21 million coins. In comparison, only 65% of gold is mined.
Putting BTC’s scarcity and technical properties into consideration, Scaramucci said he thinks the flagship cryptocurrency will ultimately become 10 times better than gold. He added that BTC’s performance at the moment is pacing with the prediction of experts like MicroStrategy’s CEO, Michael Saylor, and Ark Invest’s Cathie Wood.
BTC and other cryptos will shoot exponentially as gold gains linearlyAlthough BTC’s market cap of $1.178 trillion is approximately one-tenth of gold’s $11 trillion, Scaramucci still holds that BTC will eclipse gold. He gave another example of how people are using smartphones instead of rotary phones.
Commenting on whether BTC and gold can go up together, Scaramucci said he thinks gold will be okay, but its performance will be a flatline situation. According to him, it will go up modestly, BTC and other coins like Ethereum (ETH/USD) and Algorand (ALGO/USD) would gain exponentially because of the scalability and security they offer.
While high inflation might give gold a fighting chance, Scaramucci said he encourages his clients to put their money in BTC.
His endorsement for BTC comes as BTC continues bleeding after hitting a new ATH at $68,789.63 on November 10. At the time of writing, the coin is changing hands at $68,789.63 after losing 3.16% over the past 24 hours.
The post Anthony Scaramucci says Bitcoin (BTC) will eventually eclipse gold appeared first on Invezz.
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