SkyBridge Capital founder Anthony Scaramucci took a shot at cryptocurrency skeptics from the world of traditional finance.
What Happened: Speaking at the Australian Financial Review’s Crypto Summit on Wednesday, Scaramucci said investors like Warren Buffett and Jamie Dimon are reluctant to get on the cryptocurrency bandwagon because they haven’t done enough research on the subject.
“These sorts of traditional finance people have made a decision not to do the homework, or maybe they’ve done the homework, and they have decided that it’s just too big of a change for them at this stage in their career,” said Scaramucci.
In 2018, Berkshire Hathaway Inc. Class A (NYSE: BRK-A) (NYSE: BRK-B) CEO Warren Buffett called Bitcoin (CRYPTO: BTC) “rat poison” and said he was almost certain cryptocurrencies would meet a bad ending.
JPMorgan Chase & Co. JPM CEO Jamie Dimon has also been a vocal critic of the leading digital asset. Dimon’s most recent criticism dates to September when he compared Bitcoin’s growth to speculative bubbles like tulip bulbs.
“If you do your homework, you end up investing some portion of your assets in cryptocurrency and what we’re calling Web3,” stated Scaramucci, praising investors like Paul Tudor Jones, Stan Druckenmiller, and Dan Loeb who have recently embraced the space.
Scaramucci himself has made considerable returns on his initial Bitcoin investment. In October, the investor revealed that his $270 million investment was worth over $1 billion.
Price Action: According to data from Benzinga Pro, Bitcoin was trading at $4,350 down 4.5% in the last 24 hours at the time of writing on Thursday.
Photo: Courtesy of World Economic Forum via Flickr
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