Shares of Bitcoin (BTC-USD) are performing exceptionally well on Monday, hitting $67,000. Anthony Scaramucci, the founder and managing partner of SkyBridge
Scaramucci asserts that Bitcoin is "something people need to think about" as a long-term, "multiple-decade holding," and he compares it to Berkshire Hathaway, which he describes as a "value-store." Those who are not "doing the deep dive homework" on Bitcoin, as he puts it, are potentially missing out on the benefits that it could offer.
The increase in Bitcoin is being driven by "the limited supply" in conjunction with "the wild amount of demand," as Scaramucci explains.
Scaramucci asserts that "there is simply not enough" Bitcoin to satisfy the demand of the market because the number of new coins created each day is only about 900, and this number is cut in half on a regular basis.
According to Scaramucci, "there's another segment" that understands Bitcoin's "network effects." This is in contrast to the fact that some people are investing because they are afraid of missing out. He believes that as its use increases, it will eventually become "a form of digital gold," and he warns those who are getting caught up in the hoopla to simply "stay patient."
Scaramucci draws similarities to large technology firms, pointing out that "we saw Amazon lose fifty percent of its value eight times." This is despite the fact that historically, "an early adopting technological asset" has been associated with volatility.
When it comes to politics, Scaramucci contends that Bitcoin investors would gain from a second term of Vice President Joe Biden, which would restore democratic standards
This would be in contrast to a Trump presidency, which would most likely "destroy the institutions of democracy."
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