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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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. <\/p>\n
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.<\/p>\n
Featured Image: Shutterstock\/DanieleGay<\/p>\n
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Visit link: 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 Continue reading
\nHedge Fund Manager Anthony Scaramucci Compares Bitcoin to Amazon in the Year 2000, Predicts Strong Q1 for BTC - The Daily Hodl<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"