What if the government tried to ban all cash in the United States, or launch a new currency to rival the USD? Bitcoin (BTC) is one of the world’s most popular cryptocurrencies, and it’s gaining traction across the world. BTC is currently trading at $3,255.03, up a whopping 6.58% in the past 24 hours.
At the World Economic Forum in Davos, Switzerland, SkyBridge Capital’s co-chief investment officer and head of technology research, Michael Novogratz, stated that he is convinced that Bitcoin will eventually surpass gold.
The most famous of all assets, gold has been with us for so long. It’s been used to build palaces, store wealth, and many other things. In short, it’s an important and dynamic asset. However, by comparison, Bitcoin, or the second most famous asset of all, is still new. A new asset in a new era of financial assets, Bitcoin, is a very exciting prospect. The prediction from SkyBridge Capital’s CO-CIO, Erik Gordon, is that in the future, Bitcoin will be a superior store of value (a very good investment) over gold, and I’m going to go ahead and agree with him on that prediction.
The co-head of SkyBridge Capital explained why the Wall Street giant will continue to work with bitcoin after comparing gold to bitcoin. Both bitcoin and gold have seen significant price swings this year amid a debate over whether cryptocurrencies are diverting demand from gold. The digital currency hit a high of around $65,000 in April before falling. At the time, it cost about $36,200. On the other hand, gold came dangerously close to a bear market in March, but then reversed and made up for the losses of the entire year. Anthony Scaramucci’s hedge fund SkyBridge Capital, with assets of more than $7 billion, has stepped up its support for bitcoin.
Anthony Scaramucci rated bitcoin
The Wall Street establishment has been praising the asset since the late 2020s, when the price of BTC was booming. Anthony Scaramucci, the owner of the company, has praised cryptocurrencies at every opportunity. These include predicting a $100,000 price by the end of the year, claiming it is a safe investment, like bonds, and claiming it is better than gold, as in the case of Gajeski. According to the founder of SkyBridge Capital, the cryptocurrency market would reach $5 trillion if it became just half the size of the yellow metal market. With about 18.6 million bitcoins in circulation, that works out to $270,000 per coin.
Troy Gajeski sheds light on major cryptocurrencies
Troy Gajeski, co-CEO of the organization, said they believe in the future of gold, but are more interested in investing in what many see as the digital alternative. He also spoke about the company’s belief in traditional cryptocurrencies, while criticizing the Federal Reserve’s actions since the COVID-19 pandemic. Investors are looking to hedge their positions as the global debt balloon begins to spiral out of control and the Fed begins to wind down its securities purchases. SkyBridge, on the other hand, is optimistic about the outlook for gold prices against the dollar. In the future, gold is likely to continue to rise and reach new highs in the coming year, – predicts Hayeski. SkyBridge plans to continue using the larger digital asset, even though gold has performed well in similar scenarios in the past. He said we will stick with bitcoin and cryptocurrencies because we think they have more room for growth. If you recognize the volatility of a young market, you can get a little more juice out of the same phenomenon as with gold. The organization also launched a bitcoin fund in early 2021 with an initial investment of $25 million. Scaramucci boasted of the fund’s good health and said institutional demand is coming from all directions.While gold has been widely accepted as a store of value, many economists predict that bitcoin will be the future standard of wealth. As a digital currency, its potential for growth is limitless. But will it replace gold? That’s hard to say. But for investors, one thing is certain: the future is bright.. Read more about skybridge capital bitcoin fund and let us know what you think.
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