44 C
Friday, June 14, 2024
HomeCryptocurrencyBitcoinBitcoin Vs Gold: Anthony Scaramucci says ‘digital gold’ can become $500,000 asset...

Bitcoin Vs Gold: Anthony Scaramucci says ‘digital gold’ can become $500,000 asset despite only five percent adoption in US

Anjali Belgaumkar

In a recent statement, Anthony Scaramucci, Founder of Skybridge Capital,  suggested that if Bitcoin continues to scale and adopt at the same pace as the past decade, its value could reach great heights. He projected that Bitcoin could become a three, four, or even $500,000 asset. To put this into perspective, he compared it to gold, stating, “If gold is at $16 trillion and Bitcoin is at $1.5 trillion, could Bitcoin surge 10x in the next 15 years?” 

In an interview with David Lin, he said that in the digital world, people would accept a store of value if it meets certain criteria: scarcity, ease of use, and trustworthiness. Historically, gold served this role for 5,000 years. However, a group of programmers, possibly more than just Satoshi Nakamoto, created a decentralized database through a coding system. 

Bitcoin, with only 5% adoption in the U.S., could become a $300,000-$500,000 asset if it continues to grow. Gold’s market cap is $16 trillion, while Bitcoin’s is $1.5 trillion. The founder believes Bitcoin could potentially be 10x in the next 15 years due to its properties.

Currently, according to him, Bitcoin is tracking like a tech asset, similar to Nvidia and other major tech stocks. However, as it matures, it will start to exhibit properties similar to gold. Rate cuts by central banks could impact Bitcoin, as they expand market equity and provide relief in sectors like real estate. The analyst expects at least three rate cuts from the Fed this year, driven by high interest rate expenses and declining inflation.

Anthony said that adopting Bitcoin is seen as viewing it as a store of value, similar to how gold has traditionally been perceived. He believes there’s room for both Bitcoin and gold. While acknowledging gold’s 5,000-year history as a valuable asset, he points out that gold isn’t as user-friendly or transportable as Bitcoin.

He said, “I understand why people own gold. I understand the 5,000-year human commitment to gold, but it’s just not as user-friendly, it’s not as transportable as Bitcoin.”

➜ Source


Most Popular

Recent Comments