Renowned hedge fund manager Anthony Scaramucci is comparing Bitcoin (BTC) to e-commerce giant Amazon, which was volatile in its early days but eventually became one of the best-performing stocks.

In a new interview on CNBCs Squawk Box, the SkyBridge Capital founder says Bitcoin has grown exponentially in terms of fundamentals over the last year and that the recent correction gives investors a chance to buy at a discount.

If you and I were on this conversation a year ago, Bitcoin had a hundred million wallets. Glassnode is saying theres about 240 million today, so thats great exponential growth, but its not fully saturated, so I think there are buying opportunities all around, and if you dont have leverage on, this is a good day for you as an investor.

Although Scaramucci says he doesnt think Bitcoin is an asset that you can use to hedge against inflation yet, he believes in the long-term potential of the leading cryptocurrency.

I dont think its a hedge against inflation at this moment in time. I think long term if you got to a billion wallets, two billion wallets and Bitcoin was in a what I would call a stable trading zone.

Think of Amazon 20 plus years of Amazon. This is sort of Amazon in the year 2000. This comes with some volatility, and it comes with a lot of fear and uncertainty, and thats the reason why its down.

The hedge fund veteran adds that right now, Bitcoins volatility is shaking out investors and eliminating excessive leverage in the system which could put Bitcoin in a position to rally next year.

I just think this is a risk-off situation right now, Bitcoin and other cryptocurrencies being volatile. Thats taking people out of the game. Its also washing out some of the leverage, which I think sets up a pretty nice first quarter. I would love to debate the people that think that Bitcoin is an inflation hedge at this stage in Bitcoins evolution because I just dont see that as being the case.

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Hedge Fund Manager Anthony Scaramucci Compares Bitcoin to Amazon in the Year 2000, Predicts Strong Q1 for BTC - The Daily Hodl