Bitcoin has grown by leaps and bounds since it was created, and with the fast domination it is showing today, many are asking — can it soon be the reserve currency of the world?
According to Anthony Scaramucci, founder and managing partner of SkyBridge Capital, this is indeed possible. Even though it has a volatile nature, it cannot be denied that Bitcoin is still in its early stages, therefore, it hasn’t yet shown its full potential and possibilities.
In an interview with Natalie Brunell, a Polish-American TV news personality, Scaramucci said that he is well aware that Bitcoin wouldn’t just be a fad but would grow even bigger in the future.
On way to dominance
Scaramucci, who is also one of the most well-known financiers in the United States, likened cryptocurrencies to e-commerce companies.
When e-commerce businesses were first established, they weren’t taken seriously by many, but fast-forward today, companies such as Amazon (an e-commerce giant) are one of the largest and most profitable companies in the world. And he said that he believes that cryptocurrencies would be on the same path of growth and dominance in the future.
“Bitcoin is volatile because it is in its early adoption stage. Amazon had the same volatile curve 24 years ago. But if you have put $10,000 on Amazon at its [initial public offering] IPO, you would have $21 million today,” Scaramucci said.
The SkyBridge founder has such a big trust in Bitcoin that he even said that it is better than gold assets.
More than a currency
He also said that Bitcoin is more than just a currency, it is also an efficient financial network and a monetary standard. Scaramucci added that Bitcoin’s biggest and most important feature is its decentralized nature.
The financier said that financial instruments work better when power is put in the public’s hands, instead of being controlled by the few.
Image courtesy of Cointelegraph News/YouTube