Anthony Scaramucci, the founder of alternative asset manager SkyBridge, has emphasized that Bitcoin should not be merely compared to gold. According to the former White House Director of Communications, Bitcoin operates as a “compounding machine for investors” and is more aptly likened to Berkshire Hathaway.
Scaramucci’s recent endorsement of Bitcoin is part of a consistent stance supporting the adoption of the flagship cryptocurrency. In a March 2021 interview, he highlighted the evolving landscape where institutional investments in Bitcoin signify a paradigm shift in the global financial ecosystem. In the comparison to gold, Scaramucci underscored Bitcoin’s advantages in terms of storage, transportation, and adaptability as a technological medium for the transfer of goods and services.
Performance metrics reveal Bitcoin’s trajectory relative to gold. Adjusted for inflation, gold has seen a 30% gain over the past decade, while Bitcoin, despite its volatility, has surged by 3,700% since its inception, boasting annual returns of no less than 44%.
Bitcoin, the leading blockchain-based digital currency, currently trades at $62,600, experiencing a 21% surge over the past week. With a circulating supply of 20 million BTC, its market cap exceeds $1.2 trillion, according to data from CoinGecko. Bitcoin faces resistance at its previous all-time high of $69,000, with $62,000 serving as its closest support level. The Relative Strength Index (RSI) on the weekly timeframe stands at 92.4, indicating robust momentum.
Experts at the Qatar Web Summit foresee Exchange-Traded Funds (ETFs) as a pivotal factor in Bitcoin’s adoption by professional investors. Figures like Animoca Brands CEO Robert Yung, Dfinity Foundation’s Dominic Williams, and Delta Blockchain Fund founder Kavita Gupta argue that regulated investment vehicles create an essential “IPO moment” for Bitcoin, with major financial institutions like Bank of America’s Merrill Lynch and Wells Fargo entering the Bitcoin ETF market.
El Salvador’s President, Nayib Bukele, recently revealed a profit margin of over 40% on their Bitcoin investment. Despite initial criticism, the purchase of 2,381 Bitcoins at an average price of $44,292, coupled with a unique citizenship offer exchanging Bitcoin donations for expedited naturalization, has proven to be a forward-thinking move.
