Anthony Scaramucci of SkyBridge Capital recently said during an interview that he is of the view that bitcoin will ultimately overtake gold, both in terms of the size of the overall market and in playing the bullion’s role as an inflation hedge.
The Mooch highlighted the ease with which investors can store and move bitcoin in comparison to gold, which is expensive to hold as inventory and even to move physically from one location to another.
Scaramucci told CNBC on Friday, “It will eventually eclipse gold”.
Scaramucci is another investor in a list of high profile crypto-friendly investors who expect bitcoin to outpace gold, including MicroStrategy CEO Michael Saylor and the chief executive of disruptive technology investment house Ark Invest Cathie Wood.
He noted that the fact that 65% of gold has already been mined compared to 89% of bitcoin was another indicator of the bullish bitcoin.
Recently JPMorgan repeated its forecast that bitcoin could hit $146,000 and is acting more like digital gold now amid rising US inflation. Earlier last week, Bitcoin hit new highs after having gained 12% in a month as per Coinbase data.
Inflation in the US is presently high and is expected to remain high until the second half of next year. Scaramucci said that factors driving inflation include the pandemic and monetary policy.
Talking about market capitalization, Scaramucci said “I’m not going to be surprised if bitcoin goes up at an exponential rate and gold goes up at a linear one”.
Gold’s market cap is around $12 trillion the value of the bitcoin market is a little over $1.2 trillion.
Scaramucci said, “I think it’s probably going to be ten times better than gold over a long period of time”.
