SkyBridge Capital founder Anthony Scaramucci has revealed that he believes that people should own at least a small amount of Bitcoin. Scaramucci, who served as the White House Director of Communications for ten days in 2017, reportedly said that he advises his clients to own between 1 and 3% in the cryptocurrency.
While he is quick to state that he does not recommend owning all of your net worth in BTC, he advises them not to miss out. On Friday in CNBC’s “Fast Money: Halftime Report,” he expressed that the price action of Bitcoin in 2021 shows that there is huge demand for the cryptocurrency, including institutional demand, he said.
He also told CNBC that SkyBridge Capital has been buying Bitcoin during its recent pullback.
«You don’t have to be a Bitcoin maximalistAnthony Scaramucci said, adding that he believes investors who add only a small amount of the cryptocurrency to their portfolios will be very happy for the next 5 to 10 years.
The asset class is an emerging store of value, he said, adding that “diamond hands” are needed to own Bitcoin right now.
«We are in the first Bitcoin entries, on top of the first entry“Anthony Scaramucci told CNBC.
Difficult times for Bitcoin
Scaramucci has always been a proponent of Bitcoin. His company, global investment firm SkyBridge Capital, has a fund in cryptocurrency.
But the investment adviser’s most recent vocal support has come at a time of scramble for BTC. It may still be the world’s leading cryptocurrency by market capitalization, but 2021 is proving tough for Bitcoin.
While it hit its all-time high in April, it has since struggled to regain that kind of momentum, hovering above the $ 50,000 mark since then.
Furthermore, reports this week indicated that Bitcoin’s dominance rate has fallen to its lowest level since 2018. Things did not improve with Elon Musk announcing on May 12 that his company Tesla would no longer accept payments made in BTC.
The tech mogul, whose social media presence has gained notoriety this year for driving up the price of Dogecoin (DOGE), revealed that his decision was in light that the energy use associated with Bitcoin was detrimental to the medium. environment.
Additionally, this year has seen the competition from BTC truly rise to the occasion as altcoins catch up in price.
Ethereum (ETH), for example, has risen more than 450% this year so far and surpassed Visa in terms of market capitalization. The aforementioned DOGE has also had astronomical growth. It is currently ranked as the fifth most valuable cryptocurrency by market capitalization.
Optimism and support from Scaramucci
Despite the rise of altcoins, Scaramucci remains optimistic that the odds are in favor of Bitcoin.
He called it the super predator of cryptocurrencies. In the meantime he said that DOGE is too far off the scale for his clientele.
He is not the only one who expressed his support for Bitcoin this week. For his part, Jack Dorsey, founder of Twitter and Square, posted a tweet on May 14, stating that BTC changes everything for the better:
«We will always work to improve Bitcoin».
This was in response to Square’s CFO Amrita Ahuja, who claimed in her own tweet that Square’s Bitcoin strategy had not changed:
«We are deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy Initiative.».
Bitcoin is still the cryptocurrency to own even as it struggles in recent weeks as altcoins surge, which is why he advises people to hold onto at least a little bit as it is the only cryptocurrency that has achieved ‘escape velocity’.