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SkyBridge Capital co-founder Anthony Scaramucci believes bitcoin can move even higher in the long term as it becomes less volatile and adoption increases. He compared its potential to that of Amazon stock.

Scaramucci made the comparison in response to a question posed to him on CNBC’s Squawk Box. Co-host Andrew Ross Sorkin asked whether investors would still be interested in bitcoin if they feel they can no longer get outsized returns.

Scaramucci answered;

“Bitcoin is 12 years old. Yet if you bought Amazon after the 12th year, you got a 64x return on your money from 2009 to 2021.”

Like Amazon, he said that over time bitcoin would become much more stable as adoption increased.

“Amazon now, 20 years later, is trading with more stability, and I think that will happen to bitcoin,” he said. “Once it fully scales, and your reach adoption levels over $1 billion, you’re going to be looking at that situation and saying, ‘OK, it’s way less speculative.’”

Earlier in the interview, Scaramucci also described the ways bitcoin could be considered a superior investment to gold. “It’s easier to store, you can move it around more quickly. And that value, that trusted network is growing,” he said.

“It’s 110 million now. By 2025 it will be at a billion. And if we’re right, and it adopts pursuant to Metcalfe’s law, you want to own some bitcoin,” he said. Metcalfe’s law postulates that the value of a telecommunications network is proportional to the square of the number of connected users of the system.

Additionally, Scaramucci noted that BTC also had other advantages over more traditional assets. “Bitcoin got to $1 trillion faster than all those companies, primarily because it’s decentralized,” he said. “It’s a fully scaling, monetary network and store of value.”

He predicts bitcoin will reach $100,000 per coin by the end of 2021.

Scaramucci explained his rationale when his company was putting together its bitcoin fund. He said that inflation concerns were a primary motivation.

“I was looking at dollar volume in the money supply. At that time it was at 26%. If you put the whole stimulus in, that’s another 16% more dollar formation. So, you’ve got a 40% increase in dollar volume,” he explained. 

The hedge fund manager also revealed his personal perspective about BTC’s potential. “I personally think bitcoin is a long-term hedge. If you really understand bitcoin, you’ll understand why places like Morgan Stanley are coming into the space,”

Scaramucci concluded by saying;

“It’s a scarce asset. That supply-demand imbalance, plus the impregnability of the blockchain is going to make that asset very attractive in a world printing money like this.”

The post Anthony Scaramucci Compares Bitcoin Value to Amazon Stock appeared first on BeInCrypto.

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