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Renowned hedge fund manager Anthony Scaramucci is comparing Bitcoin (BTC) to e-commerce giant Amazon.
Amazon also had a lot of volatility in its early days but eventually became one of the best growth stocks.
In a new interview on CNBC’s Squawk Box, the founder of SkyBridge Capital says Bitcoin has grown exponentially in fundamentals over the last year and the recent correction offers fundamental investors buy in at a lower price.
A year ago, Bitcoin had hundreds of millions of wallets. Glassnode is saying there’s about 240 million today, so that’s great exponential growth, but it’s not fully saturated yet, so I think there’s a buying opportunity all over the place, here’s a Good day for you as an investor.
While Scaramucci says he doesn’t think Bitcoin is an asset you can use to protect against inflation, he believes in the cryptocurrency’s long-term potential.
“I don’t think BTC is a hedge against inflation at this point. But I think long term when there is a billion wallets, two billion wallets and Bitcoin is in a stable trading area.
Think Amazon. BTC is the Amazon of 2000. This comes with some volatility, accompanied by a lot of fear and uncertainty, and that’s why it’s bearish.”
The hedge fund veterans added that for now, Bitcoin’s volatility is scaring investors and removing excessive leverage, which could lead to Bitcoin’s upside next year.
I just think, Bitcoin and other cryptocurrencies are volatile. That eliminates weakhands. It also removes excessive leverage, which I think sets up a pretty good first quarter of 2022. I’d love to argue with those who think Bitcoin is an inflation hedge at this stage because I don’t see it that way.
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