Former Trump aide Anthony Scaramucci has recently compared owning Bitcoin to holding conventional financial instruments like yield bonds and even Gold itself. He made these comments in a recent co-authored article on the CNN.
Scaramucci, sometimes referred to as The “Mooch” had a very short, yet wildly eventful time at the white house. During his time he helped fire 2-3 top people in the Trump administration and got himself fired at the end as well. Many attribute his appearance to a pre-planned effort to help oust officials like Reince Priebus and other people who were suspected of leaking White House secrets to the press.
Overall, it was a very strange occurrence and The Mooch got fired at the end too and rather unceremoniously by Trump himself. His reputation and professional life also took a hit somewhat too. He did eventually turn against Trump and became his leading critic. His tenure is considered the shortest in White House in all of USA’s history.
Now Scaramucci apart from his rather short stint in politics is a successful investment banker by profession. He recently authored this piece published in CNN that showed that Bitcoin was now as safe as bonds and Gold, the mainstay of conventional investment in yesteryears and still considered strong today. In the article which was partnered with fellow SkyBridge executive Brett Messing was of the opinion that the leading cryptocurrency is quite safe to invest, especially as a hedge against inflation.
Scaramucci pointed out in the article:
[Bitcoin]caused government and institutions to step in and address many of the risks associated with the digital currency,
According to him, the government was successful in overall is making cryptocurrencies like Bitcoin safer to invest. In addition, the private sector has also stepped up and allowed the public to own and transact with Bitcoin effectively, especially with companies like Fidelity.
Scaramucci’s Skybridge has revealed plans to get into the cryptocurrency space with initial application for a Bitcoin hedge fund. So, it seems like he is looking to soften the current government’s stance on cryptocurrency, which at this moment has everyone guessing about future repercussions or advantages.
Institutionalized investment has helped propel Bitcoin skywards especially during the 2020 bull run that has continued on to 2021 now. Big funds like Grayscale are actively involved in the cryptocurrency space and help absorb selling pressure and even keep the cryptocurrency stable. While Scaramucci’s credentials at the Trump office were comical, he does have an influence in the investing community and it can help the sector.
Image source: Gage Skidmore under CC
Don’t worry, we hate spam too
one weekly digest, just the important stuff.