In an interview on CNBC’s Squawk Box, Scaramucci explains how Bitcoin and crypto represent a generational shift to new technological advancement, contending that BTC will replace gold in the same way that DVDs and rotary phones got shelved by new innovations.
“Listen, I’m never gonna sell short gold; it’s got a 5,500-year history of offering a store of value, but like everything in our society, when you get a technical property where there’s a massive improvement, that has a tendency to eclipse things.
We had DVDs, and we moved to Netflix and streaming. The Satoshi Nakamoto white paper basically put us into a new era, and the technical properties associated with Bitcoin are infinitely better than gold: you can move it costlessly, you can store it – virtually costlessly – and it has this ledger that is completely missile-locked. You can’t hack it.
So, with 21 million coins and its scarcity – remember we only have 65% of the gold mined right now – the shortage of supply, the technical properties, I think it’s probably gonna be 10 times better than gold over a long period of time.
But for right now, Bitcoin is pacing what people like Michael Saylor and Cathie Wood are predicting that it will do, it will eventually eclipse gold. It’s about a $1.2 trillion market cap today, gold’s roughly $11 [trillion]. But I think Bitcoin gets there, the same way we’re using our smartphone today and not using a rotary phone.”
Although Scaramucci says that both gold and Bitcoin can move up together in the face of inflationary pressures, he recommends digital assets like Bitcoin , Ethereum and Algorand as probable bets that will rise exponentially over time.
“Well, I think gold will be okay, but it’s sort of a flatline situation. Can it go up modestly? Yes, but I think Bitcoin and properties like Ethereum and Algorand are gonna go up exponentially just because of the scalability [and] security issues around them.
Can gold go up? Certainly. If you’re gonna have 6% inflation, will gold go up? Sure. But I would put my money, and I’m encouraging clients to put their money, in Bitcoin… And I think we’re just getting started in Bitcoin.
So for me, it can go up, but I’m not gonna be surprised if Bitcoin goes up at an exponential rate and gold is going up at a linear one.”
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The post Here’s Why Bitcoin, Ethereum and Algorand Will Vastly Outperform Gold, According to Hedge Fund Manager Anthony Scaramucci appeared first on The Daily Hodl .