In the midst of a meteoric rise in 2017, it seemed like everyone under the sun was talking about bitcoin.
But after an 80%-plus peak-to-trough crash in 2018, those who thought that they’d be driving around a new Lamborghini in a few months are probably investing in a new pair of sneakers.
Still, not everyone is bearish on the controversial cryptocurrency — and one prominent managing partner of a multi-billion dollar investment firm thinks it has staying power.
“There’s something here,” said Anthony Scaramucci, founder of $9.5 billion SkyBridge Capital, in Off the Chain, a digital assets podcast. “There’s value to the notion that I can exchange value with you, confidentially — and I can exchange it through a mechanism that looks very secure.”
This is a far cry from the plethora of well-renowned investors that have publicly dismissed bitcoin as nothing more than a farce. In fact, the world’s most famous investor, Warren Buffett, called bitcoin “a gambling device,” and “rat poison squared.”
But Scaramucci is unphased. And he thinks the blockchain— the underlying technology which Bitcoin relies on to function — will drive the cryptocurrency’s prosperity into the future.
“The blockchain is going to get tighter, and more reformed, and more secure,” he added. “People are going to have more confidence in it — and I don’t think it can be stopped.”
To further his point, he cites Jamie Dimon’s — CEO of JPMorgan Chase — recent walkback of the comments he made dismissing Bitcoin as a “ fraud.”
“He’s caught in a generational blind spot,” he said.
Although Scaramucci is bullish on the future and longevity of bitcoin, he still has his doubts. And his worries stem from politics and government…