Bitcoin BTC/USD is emerging as an asset class, said Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, Friday on CNBC's "Fast Money: Halftime Report."
The Bitcoin price action in 2021 shows there is a tremendous amount of demand for the cryptocurrency, including institutional demand, Scaramucci said.
He told CNBC that SkyBridge Capital has been buying Bitcoin during its recent pullback.
"You don't have to be a Bitcoin maximalist," Scaramucci said, adding that he believes investors who add just a small amount of the cryptocurrency to their portfolios will be very happy over the next five to 10 years.
The asset class is an emerging store of value, he said, adding that it takes "diamond hands" to hold Bitcoin right now.
"We are in the very early innings of Bitcoin, if not the top of the first inning," Scarramucci told CNBC.
Related Link: Tesla Stops Taking Bitcoin. What Elon Musk Is Up To And Why He Will Likely Transition To Ethereum
Price Action: Bitcoin is up 75.13% year-to-date. At last check Friday, it was up 3.28% at $50,839.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
