SkyBridge Capital founder Anthony Scaramucci invested hundreds of millions of dollars in the digital asset space with a belief the price of assets such as Bitcoin BTC/USD will go up.
In an exclusive interview, Scaramucci fought back against Bitcoin bears like Warren Buffett.
What Happened: Legendary investor Buffett is best known as the CEO of Berkshire Hathaway Inc (NYSE: BRK-A)(NYSE: BRK-B), a conglomerate that owns many companies and invests in multiple public companies.
For those in the cryptocurrency space, Buffett is familiar as one of the biggest bears of Bitcoin, an asset he once famously called “rat poison squared.”
Scaramucci said the bear case by Buffett and others is that Bitcoin is just a cryptograph on the internet, worth nothing, shouldn’t have value and should be banned.
“They really don’t understand the concept and the whole history of money,” Scaramucci said on a recent episode of “The Raz Report.”
Scaramucci said paper money is worthless by definition but we ascribe a value to it. Digital in a bank account are worth something and can be sent in wire transfers to pay for items.
The SkyBridge Capital founder said the world has always had a ledger and put value on items giving them monetary value.
“If you think about it that way, Bitcoin is a fairly perfect ledger.”
Scaramucci said Bitcoin is transparent and fully decentralized.
The 14-year-old history of Bitcoin and increased use of people using it as a payment and the efficiency improvements by the lightning network are also eliminating the thesis from the Bitcoin bears.
Scaramucci added the trust and integrity of Bitcoin make it valuable.
Related Link: Exclusive: Yusko Calls Out Warren Buffett, The Reason Warren Wants To P*** On Bitcoin Is...
What’s Next: In the interview, Scaramucci shared he believes the pending launch of Bitcoin ETFs could serve as a catalyst to take the price of Bitcoin higher in 2024.
“If I’m right, we could be sitting at $150k, $250k Bitcoin,” Scaramucci said.
Scaramucci praised the “finite supply” of Bitcoin and also considered it a potential hedge against the future devaluing of the U.S. dollar.
While Buffett may be critical of Bitcoin and its future, one of his portfolio holdings is betting on the continued growth of digital banking and making it easier for customers in Latin America to trade cryptocurrency.
As previously shared by Benzinga, Buffett is a holder of stock in Nu Holdings Ltd NU, which gives him exposure to an asset he absolutely despises.
Read Next: Exclusive: Mark Yusko On Bitcoin's Future, 2024 Price Target
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Watch the full interview with Anthony Scaramucci below.
Read Next: EXCLUSIVE: Anthony Scaramucci Says Bitcoin Could Hit $150K To $250K On BTC ETF Launch
Photo: Jdarsie11, CC BY-SA 4.0 via Wikimedia Commons
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