Understanding Bitcoin inevitably leads to growing adoption, according to SkyBridge Capital CEO Anthony Scaramucci.
Investors who carefully study Bitcoin (BTC) are eventually convinced to own a stake in the cryptocurrency, according to SkyBridge Capital CEO and founder Anthony Scaramucci.
In a Monday interview with CNBC’s Capital Connection, Scaramucci — who also served a 10-day stint as President Donald Trump's communications director — urged investors to “do the homework on Bitcoin” and “understand what it is,” suggesting reading the white paper written by anonymous Bitcoin creator Satoshi Nakamoto.
Understanding of Bitcoin inevitably leads to growing adoption as many prominent investors around the world realize the potential of the cryptocurrency, Scaramucci said:
“Anybody that does the homework ends up investing into it. Look at Ray Dalio, a Bitcoin skeptic, now a bitcoin investor.”
The executive added that other world-known investors like Paul Tudor Jones and American billionaire Stanley Druckenmiller have also bought Bitcoin. “These are brilliant guys who did the homework and drew a conclusion that they needed to own a piece of bitcoin,” he said.
Scaramucci notedd that Bitcoin has grown over 100,000% since its inception in January 2009. “If you had one cent in Bitcoin and 99 cents in cash over the last decade, you outperformed everything. Just think about that,” Scaramucci noted.
Scaramucci’s remarks come as Bitcoin sits near its new all-time highs recorded last week, with BTC trading at $63,277 at the time of writing, according to data from CoinGecko. On Oct. 20, Bitcoin hit above $67,000 for the first time in its history. The cryptocurrency was trading around $13,000 just one year ago.
A number of big-name investors around the world claimed that Bitcoin is not particularly easy to use. According to major crypto industry investor Tim Draper, Bitcoin’s lack of ease of use is the main impediment to the mass adoption of cryptocurrency. American billionaire entrepreneur Mark Cuban argued last year that Bitcoin needs to be easy enough that “grandma can use it” before the mass adoption will occur.