According to SkyBridge Capital CEO Anthony Scaramucci, understanding Bitcoin will eventually lead to more use.
As per the SkyBridge Capital CEO and founder Anthony Scaramucci, investors who diligently research Bitcoin (BTC) are finally persuaded to hold a position in the cryptocurrency..
Scaramucci, who also served as President Donald Trump’s communications director for ten days, urged investors to “do their study on Bitcoin” and “understand what it is” in a Monday interview with CNBC’s Capital Connection. He also advised investors to study the white paper issued by Bitcoin’s unknown developer, Satoshi Nakamoto.
Understanding Bitcoin eventually leads to further acceptance, as many famous investors throughout the world recognise the cryptocurrency’s potential. Scaramucci stated,
“Anybody that does the homework ends up investing into it. Look at Ray Dalio, a Bitcoin skeptic, now a Bitcoin investor.”
Other well-known investors, such as Paul Tudor Jones and American billionaire Stanley Druckenmiller, have also purchased Bitcoin, according to the executive. “These are brilliant guys who did the homework and drew a conclusion that they needed to own a piece of Bitcoin,” he said.
Scaramucci noted that Bitcoin has grown over 100,000% since its inception in January 2009. “If you had one cent in Bitcoin and 99 cents in cash over the last decade, you outperformed everything. Just think about that,” Scaramucci noted.
Scaramucci’s comments come as Bitcoin is approaching fresh all-time highs set last week, with BTC trading at $63,277 at the time of writing, according to CoinGecko data. Bitcoin surpassed $67,000 for the first time in its history on Wednesday. Only a year ago, the cryptocurrency was trading about $13,000 per coin.
A number of well-known investors all across the world argue that Bitcoin is difficult to utilise. The primary hurdle to cryptocurrency general acceptance, according to renowned crypto industry investor Tim Draper, is Bitcoin’s lack of usability. Last year, American billionaire entrepreneur Mark Cuban claimed that Bitcoin must be simple enough that “Grandma can use it” before widespread adoption can occur.