“Bitcoin is Better Than Gold”, Says Anthony Scaramucci

Anthony Scaramucci, founder of alternative investment firm SkyBridge Capital, while hailing bitcoin’s performance, noted that the largest cryptocurrency by market capitalization was better than gold. 

Bitcoin Fits Role of Money as Technology 

In an interview on CNBC’s Squawk Box on Thursday (Mar. 18, 2021), Anthony Scaramucci compared to gold and bitcoin, stating that although gold may have been the preferred choice for about 4000 years, the increased institutional investment in bitcoin was proof that things were changing.

The SkyBridge Capital CEO buttressed his point, saying:

“In a lot of ways if you really study it, it’s better than gold. It’s easier to store. You can move it around more quickly.”

Scaramucci also said that money as a technology meant that it enabled goods and services to be easily transferred. According to the SkyBridge founder, bitcoin fit into the role of money as a technology. 

Scaramucci’s comments echoed an earlier sentiment shared back in January 2021. The SkyBridge founder said while speaking to Bloomberg said:

“Bitcoin is better at being gold than gold is at being gold. It’s easier to store, it’s harder to steal, it’s more portable, and so therefore, it’s become the ledger or the storage of the future in terms of the storage of value”

A previous investment deck by SkyBridge Capital also praised bitcoin over gold, but noted that the price of the number one crypto asset would need to be above $500,000 to match gold’s market cap. 

As reported by BTCManager back in December, the investment firm announced its intention to launch a new Bitcoin Fund. Shortly after, the firm purchased $180 million worth of BTC, joining the list of other institutional investors.

Indeed, institutional interest in bitcoin is largely responsible for BTC impressive price performance. Apart from asset managers, hedge funds, and other companies investing in bitcoin, Wall Street financial institutions have also joined the crypto bandwagon.

Recently, major U.S. investment bank Morgan Stanley revealed that it would launch three bitcoin funds to enable its wealthy clients access the number one crypto. Earlier, BTCManager reported that banking giant JPMorgan was mulling adding a bitcoin and crypto clearinghouse option to its cryptocurrency services. 

Scaramucci also said that it was important to own bitcoin, meanwhile saying “be prudent; you don’t have to own a lot of it, but just own some of it.”