Anthony Scaramucci, founder of alternative asset management firm SkyBridge, said Bitcoin should not simply be compared to gold.
A former White House communications director said Bitcoin is “a multi-function device for investors.” Instead, it’s more like Berkshire Hathaway, he added.
Scaramucci’s recent support for Bitcoin (BTC) is not new. That’s because he has made several statements supporting the adoption of the flagship cryptocurrency over the years.
A foretaste of this came in an interview in March 2021, when he spoke of a changing environment in which institutional investment in Bitcoin represented a paradigm shift in the global financial ecosystem.
He compared it to gold and highlighted the advantages of BTC in terms of ease of storage, transportation, and ability to embrace change as a technology for transferring goods and services.
Performance metrics reveal Bitcoin’s trajectory relative to gold. Adjusted for inflation, gold has gained 30% over the past decade, while Bitcoin, despite its volatile nature, has gained 3,700% since its inception, with annualized returns of more than 44%.
Bitcoin Market Dynamics
Bitcoin (BTC) is a leading blockchain-based digital currency. Unlike existing fiat currencies, it operates on a P2P network, eliminating the need for intermediaries.
Bitcoin, which currently trades at $62,600, has experienced a 21% surge over the past week. With a circulating supply of 20 million BTC, the cryptocurrency accounts for a market capitalization of over $1.2 trillion, per data from CoinGecko.
Bitcoin faces resistance at its previous all-time high of $69,000, with $62,000 acting as the closest support level.
The weekly relative strength index (RSI) is 92.4, indicating solid momentum.
institutional adoption
Experts at the Qatar Web Summit expect exchange-traded funds (ETFs) to be a catalyst for Bitcoin adoption by professional investors.
Animoca Brands CEO Robert Yung, Dfinity Foundation’s Dominic Williams, and Delta Blockchain Fund founder Kavita Gupta argue that regulated investment vehicles mark a significant “IPO moment” for Bitcoin by paving the way for institutional participation.
Large financial institutions such as Bank of America’s Merrill Lynch and Wells Fargo have entered the Bitcoin ETF market, introducing spot Bitcoin ETF products to their wealthy clients.
This signals widespread acceptance of cryptocurrency investment vehicles, with Morgan Stanley potentially following suit.
Bitcoin Investment in El Salvador
El Salvador’s President Nayib Bukele recently revealed how his Bitcoin investments enjoyed profit margins of over 40%. The move was initially criticized, but the deal to buy 2,381
With an average price of $44,292 for Bitcoin and the support of a special citizenship offer that exchanges Bitcoin donations for rapid naturalization, it has actually proven to be a forward-thinking strategy.