The CEO of SkyBridge Capital and Bitcoin bull Anthony Scaramucci is back once again with another big statement of the crypto sector. He has stated that as people get to know and study more about Bitcoin, they end up investing in it. Scaramucci has become a big investor in the crypto sector for the past year or so and has propagated it across the internet. Scaramucci has had tremendous success with investment companies but he is more widely known for his 10-day stint in Donald Trump’s presidency as Director of Communications. He was fired by Donald Trump after a big public fallout and has been a big critic ever since.
Scaramucci or The Mooch as he is commonly called appeared on a CNBC Capital Show that often discusses markets and trading in detail with experts. He urged investors and other members of the public to understand more about the crypto sector and read about it in detail starting from the original Bitcoin whitepaper by Pseudonym Satoshi Nakamoto.
Scaramucci also claimed that the more people read about Bitcoin, the more they were interested in investing in it. He said:
“Anybody that does the homework ends up investing into it. Look at Ray Dalio, a Bitcoin skeptic, now a Bitcoin investor.”
Forget other people, even Scaramucci himself was not big on Bitcoin just a few years back and he is now investing in it. But why are people drawn to it and want to invest in it? There is no sovereign guarantee, there is no big organization backing it and there is certainly no physical presence. However, the cry ptocurrency has two things that even the best of assets cannot promise: exclusivity and limited existence. Stocks are diluted over time, gold reserves keep getting piled up and governments inflate the heck out of their currencies. Bitcoin is just impervious from all of this. Everybody knows how much Bitcoin there are going to be and that is the end of story. Nobody can manipulate the supply of the cryptocurrency and nobody can mess with the integrity of the decentralized network.
So, once a person gets to know more about the crypto sector, the more he/she is in touch with the most effective iteration of the digital world we have ever seen. So, Bitcoin naturally becomes a useful investment for him/her. However, short-term traders do not tend to understand much about Bitcoin and they end up losing money in many cases. So, they aren’t trying to understand something and yet shilling a lot of money. That is often a recipe for disaster.
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