Those who did homework on Bitcoin ended up investing in it, Scaramucci remarks

Those who did homework on Bitcoin ended up investing in it, Scaramucci remarks
11 months ago
2 mins read

Hedge fund manager Anthony Scaramucci believes that anybody who diligently examines Bitcoin (BTC) and understands the cryptocurrency’s inner workings would be persuaded of its potential.

Indeed, the SkyBridge Capital founder and managing partner who was speaking on CNBC’s “Capital Connection” program on Monday stated, “do your study on Bitcoin and make sure you understand what it is,” and among other things, read the Bitcoin white paper written by the developer of the cryptocurrency.

Scaramucci added: 

“Anybody that does the homework … ends up investing into it. Look at Ray Dalio, a Bitcoin skeptic, now a Bitcoin investor <..> These are brilliant guys [who] did the homework and drew a conclusion that they needed to own a piece of Bitcoin.” 

Bitcoin is digital gold

Furthermore, Scaramucci described Bitcoin as “digital gold,” and he claims to have “over $1 billion” in BTC, which he began acquiring last year. In addition, his company recently established a deal with a cryptocurrency startup last month, which will help it expedite its entry into the market. 

“If you had one penny in Bitcoin and 99 cents in cash over the last decade, you would have outperformed everyone and everything. Consider the implications of it,” he remarked. 

Following the first Bitcoin futures exchange-traded fund (ETF) debut in the United States, Bitcoin reached an all-time high of more than $66,900 last week. 

Donald Trump’s SPAC

Meanwhile, Scaramucci, when discussing the special purpose acquisition company (SPAC) tied to former President Donald Trump, remarked it is “obviously a meme stock” at the moment.

Digital World Acquisition Corp., which aims to combine with the Trump Media & Technology Group, saw its stock rise last week as the news broke. 

Scaramucci confirmed: 

“I would be very cautious if I were long that stock, and I would also be extremely cautious if I were short that stock.”

Since he believes that the excitement surrounding the stock is based on nothing other than the fact that it’s Trump’s SPAC.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.