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Anthony Scaramucci, a renowned hedge fund investor, believes anyone that studies Bitcoin (BTC/USD) and understands it will see its potential. He shared his views earlier today during an interview, noting that the sector will become a gigantic asset class. Scaramucci urged the general public to do their homework on Bitcoin (BTC) and understand it.

In the interview, Scaramucci, who is also the founder and managing partner of SkyBridge Capital, said anyone that does their homework on BTC ends up investing in the nascent asset class. He gave the example of Rae Dalio, an American billionaire investor, and hedge fund manager, who was once a BTC skeptic before investing in the leading crypto by capitalization.

Scaramucci mentioned other famous investors, such as Paul Tudor Jones and Stanley Druckenmiller, saying they had invested in the flagship cryptocurrency. He lauded the above investors, saying they are brilliant guys that did their homework and decided to dip their toes in the top cryptocurrency.

The hedge fund investor added that he considers BTC digital gold, and he has BTC holdings worth $1 billion (£0.73 billion).

Giving an example of BTC’s potential, he said,

If you had one cent in bitcoin and 99 cents in cash over the last decade, you outperformed everything. Just think about that.

Scaramucci’s BTC campaign comes after the flagship cryptocurrency peaked at $66,930.39 (£48,611.21) in the past week. However, BTC plunged soon afterward, going as low as $59,430.00 (£43,163.71) earlier today. At the time of writing, BTC has recovered some of these gains to change hands at $63,171.05 (£45,880.82). This value represents a 4.93% gain over the past 24 hours.

While Scaramucci is bullish on BTC, it is not the only digital asset he considers a good investment. In the past month, he touted Cardano (ADA/USD) and Ethereum (ETH/USD). According to him, these altcoins will continue rising because of their utility.

"It felt like it was peaking as a result of the El Salvador news. There was a lot of leverage in the system and a lot of leverage blew out of the system over the last 48 hours. Having said that the demand and fundamentals continue to improve," @Scaramucci on #crypto #btc. pic.twitter.com/n4IwqI2Y7N

Indeed, ETH followed in BTC’s footsteps and set a new ATH at $4,366.09 (£3,171.24) on October 21. ADA has, however, stagnated at between the $2.10 (£1.53) to $2.20 (£1.60) level.

This news comes after Scaramucci weighed in on Digital World Acquisition Corp.’s decision to merge with Trump Media & Technology Group on October 22.

According to him, the stock of the Special Purpose Acquisition Company (SPAC) linked to former US President Donald Trump, is a meme stock. He made these comments on the heels of the Digital World Acquisition Corp. (DWAC) stock soaring in the past week.

The post Anthony Scaramucci says crypto will become a massive asset class appeared first on Invezz.

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