SkyBridge Capital founder Anthony Scaramucci believes bitcoin can move even higher over the long term and become a less volatile asset as adoption picks up. He likened his outlook on the digital cryptocurrency to shares of Amazon.
Scaramucci made the comparison during an interview Thursday on CNBC’s “Squawk Box.” Co-host Andrew Ross Sorkin asked the hedge fund manager what would happen to the price if early bitcoin investors sell the digital currency because they can no longer generate outsized returns.
“Bitcoin is 12 years old. But if you bought Amazon after the 12th year, you got a 64x return on your money from 2009 to 2021,” Scaramucci said, noting that Amazon’s massive gains in its first 12 years did not preclude the stock from soaring in its next dozen years. Amazon shares have surged more than 3,600% from the company’s IPO in May 1997 to May 2009.
“Amazon now, 20 years later, is trading with more stability. It got a very big pop because of the pandemic, but just take a look at its long-term chart, and I think that will happen to bitcoin,” he said. “Once it fully scales, … you’re going to be looking at that situation and saying, ‘OK, it’s way less speculative.'”
Bitcoin has experienced a meteoric rise since its creation in 2009 and in recent months. It traded around $57,800 per coin Thursday morning. Just six months ago, it was priced at roughly $11,000. Bitcoin’s value by market cap has nearly doubled this