Anthony Scaramucci, who is the founder of the hedge fund SkyBridge Capital, thinks that in the longer term, Bitcoin could imitate the rise in stocks of the online retail conglomerate Amazon. In his view, the first cryptocurrency will grow into a less unpredictable asset as it is adopted by the wide public. If an investor purchased Amazon shares back in 2009 (12 years after the company became publicly traded) then today he has received 64 times the profit, the head of SkyBridge Capital added, noting that Bitcoin was now 12 years old.
“About 20 years later, Amazon stock is traded more steadily. The company won great popularity in the context of the pandemic. Just take a look at the long-term charts. I believe the same thing will happen with Bitcoin,” Scaramucci noted in a conversation with CNBC.
Amazon was established in 1994 by Jeff Bezos and in 2018 the company made him the richest person in the world with a total capital estimated at $114 billion. It was in 1997 when the company’s shares began offering on the NASDAQ stock exchange. Following the initial public offering, the cost of one share was valued at $15. Today, March 20, the company’s shares are changing hands at $3.04 thousand. Over the last 24 years, the price of securities has increased by 18,918%.
In the past eight years, Bitcoin has rocketed in price by 58,000%. In the summer months of 2013, the first cryptocurrency was costing about $100. Today, according to TradingView, the rate of the digital coin is $58.305 thousand.
Scaramucci’s comments come after a study established that Americans might spend about 10% of recent incentive payments to acquire assets like BTC and stocks.
