Saturday, July 2, 2022

Fund manager Anthony Scaramucci says bitcoin is better than gold.

The Takeaway:

Bitcoin is superior to gold if investors take the time to study it, says fund manager and Skybridge Capital CEO Anthony Scaramucci.

Bitcoin has found another admirer in billion-dollar wealth manager and Skybridge Capital CEO Anthony Scaramucci. In a recent interview with CNBC, Scaramucci said he sees bitcoin as the future as it is much easier to store and transfer. The current massive bitcoin bull run has won over many traditional fund managers and financial giants, including the world’s oldest custody bank BNY Mellon and most recently, America’s largest bank Morgan Stanley.


Institutions warm up to bitcoin amid massive BTC winning rally.

Scaramucci also heads Skybridge Capital Fund, founded back in 2005 and is currently worth $200 million. The wealth manager’s praise for Bitcoin didn’t come as a surprise for many, given that not just institutional fund managers but also well-known gold bugs have cut their exposure in lustrous metal this year to invest more in the leading cryptocurrency. As reported earlier, electric car maker Tesla invested $1.5 billion in bitcoin sometime in January. It was reported that Tesla has already made off with $1 billion in profits from its investment. 


“Bitcoin fulfilled the role of money as technology.”

Scaramucci’s comments fly in the face of firm gold bugs, notably Peter Schiff, who remains convinced that Bitcoin will fail, leaving gold as the sole choice to escape the perils of central bank economic policy. He further added that Bitcoin fulfilled the role of money as technology — a central argument among Bitcoin proponents such as “The Bitcoin Standard” author Saifedean Ammous. Earlier, SkyBridge made headlines when it launched a BTC fund in December 2020, at a time when Bitcoin’s price was in the midst of one of its parabolic surges towards $30,000. This week, Morgan Stanley became the first major bank to offer clients exposure to Bitcoin funds.

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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