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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

How Bitcoin is demonetizing gold, Skybridge Capital’s founder makes the case

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
bitcoin trillion dollar market cap

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Anthony Scaramucci predicted Bitcoin’s price will absorb some of the increase in dollar volume. In an interview for CNBC’s Squawk Box program, the Skybridge Capital founder said the stimulus package passed by the administration will be good for BTC holders.

Every time we do this, it’s very, very good for the people who own the assets. You get tremendous amounts of asset inflation. But the wages never catch up. That gap gets wider. And then the politics get angrier.

Scaramucci sees BTC as a long-term hedge against inflation. The security of the blockchain, BTC’s supply and demand dynamics, and limited supply make the cryptocurrency an attractive asset for institutions like Morgan Stanley in “a world printing money like this”.

Skybridge Capital founder’s said Bitcoin has outperformed gold after absorbing a percentage of investor’s capital. Therefore, Bitcoin has become a better asset to store value than gold. Scaramucci claimed:

In a lot of ways if you really study it, it’s better than gold. It’s easier to store. You can move it around more quickly (…). Money is a technology that allows us to transfer good and services to each other effectively. The technology around us will likely improved money. Bitcoin has done that.

Bitcoin BTC
Bitcoin outperforming gold since 2012. Source: BTCUSD/XAUUSD Tradingview.com

Bitcoin in a transition period

As a store of value, Scaramucci thinks Bitcoin’s price will lose volatility as adoption increases. Making another prediction, he expects Bitcoin’s network to go from 125 million users today to 1 billion in the next five years.

Scaramucci’s firm started a Bitcoin fund late in 2020 with a $25 million investment. His bet on the cryptocurrency comes at a “period of transition”. He compares Amazon’s stock price to BTC and argues that the cryptocurrency is going on a “less speculative” trajectory. The fund manager believes all “prudent investors should own some” BTC. He added:

Amazon now, 20 years later, is trading with more stability. It got a very big pop because of the pandemic, but just take a look at its long-term chart, and I think that will happen to bitcoin. Once it fully scales, … you’re going to be looking at that situation and saying, ‘OK, it’s way less speculative’.

Eventually, the fund manager expects the cryptocurrency to be a fully mature store of value. By becoming a decentralized alternative to the U.S. dollar, its adopter will own an uncorrelated asset with global politics. Skybridge Capital’s founder concluded:

Bitcoin got to a $1 trillion faster than all those companies, primarily because it’s decentralized, so now you’re taking all that C-suite drama and all the politics associated with it, away from it. It’s a fully scaling, monetary network and store of value and it’s going to get there over the next 15 years.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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