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Bitcoin (BTC) is showing clear resemblance to Amazon’s stock price (AMZN) in its early days, SkyBridge Capital founder and former White House advisor Anthony Scaramucci says.
Speaking with CNBC on January 25, Scaramucci compared the top cryptocurrency’s price volatility to that of AMZN while pointing to its realized long-term profitability. He said:
“I lived through the 2000 Nasdaq debacle when many things got decimated, but quality things lasted.
You go back to what Amazon as an example went through eight periods of time where it dropped at least 50% since its inception, yet if you had a $10,000 investment in Amazon on its IPO, it’s worth $22 million today.
So, I think ultimately it’s about buying quality and recognizing that Bitcoin is not a store of value at this moment, it’s not technically a currency at this moment. But what it is is an early adoption technology, an early adoption technical story. With that, there’s going to come a lot of volatility.”
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Unsure about the effect of volatility on Bitcoin’s short-term price, Scaramucci is convinced that the top crypto asset’s future is bright and is still on the path of upward movement:
“And, so, I wouldn’t have predicted what happened in 2021 when China mining shut down, but also the $3 billion of purchases by Elon Musk through his companies and his personal investing, and so this year I’m not going to be able to predict what’s going to happen, but I’m willing to venture that more people will own Bitcoin on the 31st of December of this year than they did prior.
And Bitcoin is going to have, in my opinion, half a billion wallets, possibly a billion wallets as we get to 2024. So people should ride this stuff out. I think it’s just nonsensical to expect an asymmetric 45-degree line in any story as new as Bitcoin.”
He added:
“Take a chill pill, stay long bitcoin, other cryptocurrencies like Algorand and Ethereum, and I think you’re going to be very well-served long-term in those investments.”
Recently, macro guru Raoul Pal and Kevin O’Leary made similar comparisons and also discussed Bitcoin’s performance in light of Amazon’s history.