Bitcoin, Ethereum and Algorand are becoming inflation hedging investments instead of gold and growing exponentially
Prominent hedge fund manager Anthony Scaramucci expects Bitcoin (BTC), Ethereum (ETH) and Algorand (ALGO) to take on gold’s role as the dominant inflation hedge asset.
In one interview In CNBC’s Squawk Box, Scaramucci explains how Bitcoin and cryptocurrencies represent a generational shift towards new technological advances, arguing that BTC will replace gold as well as DVDs and dial-up phones. Classified as a museum due to recent improvements.
“I will never stop selling gold. It has a 5,500 year history as a store of value, but like everything in our society, gold tends to become obsolete when you get a technical asset with a big improvement.
We had DVDs, but now we’ve switched to Netflix and streaming. Satoshi Nakamoto’s whitepaper basically led us into a new era, and the technical details about Bitcoin are infinitely better than gold: you can move it easily, you can store it – practically inexpensive – and it has a locked rocket-like ledger . You can’t hack it.
Given the 21 million coin and its scarcity – remember, we have only mined 65% of the gold right now – the supply gap, the specs, it could well be 10 times more gold for a long time.
But for now, Bitcoin is catching up with what Michael Saylor and Cathie Wood predict, which will eventually dwarf gold.
The current market capitalization is about $ 1.2 trillion while that of gold is about $ 11 trillion. But I think Bitcoin will get there, just like we use smartphones today and no longer use dial-up phones. ”
While Scaramucci says that both gold and Bitcoin can rise at the same time in the face of inflationary pressures, he recommends digital assets like Bitcoin, Ethereum, and Algorand as bets that are likely to grow exponentially over time.
“Well, I think gold will be good. Can it grow modestly? Yes, but I think BTC and assets like Ethereum and Algorand will grow exponentially thanks to the scalability and security issues that surround them.
Will gold go up when inflation is 6%? Secure. But I will invest my money and I encourage customers to invest their money in Bitcoin … And I think we are just starting a new era with Bitcoin.
So for me it could go up, but I wouldn’t be surprised if BTC goes up exponentially and gold goes up linearly. ”
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews