Anthony Scaramucci Compares Bitcoin To Amazon Stock Back In The Year 2000
A well-known hedge fund manager Anthony Scaramucci made a comparison between Bitcoin (BTC) and leading e-commerce firm Amazon. AMZN price had a lot of volatility early on, but eventually it became one of the best-performing stocks.
Scaramucci told CNBC’s Squawk Box that Bitcoin adoption has grown exponentially over the last year, and in fact that the recent correction a merely a good buying opportunity for investors.
“If you and I were on this conversation a year ago, Bitcoin had a hundred million wallets. Glassnode is saying there’s about 240 million today, so that’s great exponential growth, but it’s not fully saturated, so I think there are buying opportunities all around, and if you don’t have leverage on, this is a good day for you as an investor.”
While for the time being, Scaramucci believes that Bitcoin is not mature enough asset yet to hedge against inflation, he is a strong believer in the long-term potential of the leading digital asset.
“I don’t think it’s 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 that’s the reason why it’s down.”
"This is Amazon in the year 2000," says @Scaramucci on #bitcoin. "This comes with some volatility, it comes with a lot of fear and uncertainty so that's why it is down…I just think this is a risk off situation right now." pic.twitter.com/RxIHcq7oNS
According to the SkyBridge Capital Founder, Bitcoin’s current volatility is scaring investors, but he believes that 2022 first quarter will be “pretty nice.”
“I just think this is a risk-off situation right now, Bitcoin and other cryptocurrencies being volatile. That’s taking people out of the game. It’s 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 Bitcoin’s evolution because I just don’t see that as being the case.”
