Anthony Scaramucci, founder of SkyBridge, an alternative asset manager, believes that Bitcoin should not be compared to gold alone. According to him, it is more appropriate to compare it to Berkshire Hathaway, as it is a “compounding machine” for investors.
In a tweet, Scaramucci stated that Bitcoin is the “Berkshire Hathaway of the 21st century,” and it is still very early for investors to get involved. He also mentioned that the flows to Bitcoin are likely to accelerate, similar to what happened during the tech bubble in 2000.
Scaramucci’s support for Bitcoin is not new, as he has been advocating for its adoption for some time now. In a recent interview, he highlighted the changing landscape in which institutional investments in Bitcoin demonstrate a paradigm shift in the global financial system. He compared Bitcoin to gold, emphasizing its advantages in terms of storage, transportation, and adaptability as a technology for the transfer of goods and services.
When it comes to performance, Bitcoin has outperformed gold in the past decade. Adjusted for inflation, gold has seen a 30% increase, while Bitcoin has recorded a whopping 3,700% increase since its inception, with annual returns of at least 44%.
Bitcoin, the leading blockchain-based digital currency, operates on a peer-to-peer network without the need for intermediaries. Currently priced at $62,600, Bitcoin has experienced a 21% surge in the past week. With a circulating supply of 20 million BTC, its market cap stands at over $1.2 trillion.
Bitcoin is currently facing resistance at its previous all-time high of $69,000, with $62,000 acting as its closest support level. The Relative Strength Index (RSI) on the weekly timeframe is at 92.4, indicating a strong momentum.
Experts at the Qatar Web Summit predict that Exchange-Traded Funds (ETFs) will be a key factor in attracting professional investors to Bitcoin. They believe that regulated investment vehicles pave the way for institutional involvement and mark an important “IPO moment” for Bitcoin. Animoca Brands CEO Robert Yung, Dfinity Foundation’s Dominic Williams, and Delta Blockchain Fund founder Kavita Gupta all share this view.
Large financial institutions like Bank of America’s Merrill Lynch and Wells Fargo have already entered the Bitcoin ETF market and introduced spot Bitcoin ETF products to their clients. This signals a growing acceptance of cryptocurrency investment vehicles, with Morgan Stanley possibly following suit.
In a bold move, the president of El Salvador, Nayib Bukele, recently revealed that their investment in Bitcoin has yielded a profit of over 40%. While this decision was initially met with criticism, the purchase of 2,381 Bitcoins at an average price of $44,292, and the offer of expedited naturalization in exchange for Bitcoin donations, has proven to be a forward-thinking move.
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