Bitcoin is still the cryptocurrency to own even as it struggles in recent weeks while altcoins surge, said Anthony Scaramucci, founder of SkyBridge Capital.

It’s still nearly impossible to convince investors to own Bitcoin, Scaramucci said, but he advises people to hold at least a bit since it’s the only cryptocurrency that’s achieved “escape velocity.”

“As an investment adviser and someone who’s been running money for 30-plus years, it’s responsible of me to tell my clients to own 1%, 2% or 3%,” Scaramucci, who’s also known for a very brief stint as the White House communications director under former President Donald Trump, said in an interview. “I’m not telling them you’ve got to own 100% of your net worth in it — but if we’re right, you don’t want to be missing out on this.”

Photographer: Cole Burston/Bloomberg

Still, Bitcoin has struggled in recent weeks. After hitting a record of nearly $65,000 in mid-April, it recently traded around $50,000. It also trailed behind rivals, rising about 70% year-to-date compared with Ether’s fivefold gain. The digital currency also lost momentum after Tesla Inc. founder Elon Musk said the electric-car maker stopped taking payments in Bitcoin.

Scaramucci, who’s known for a whirlwind 10-day stint in the White House role, remained a strong proponent of Bitcoin. He’s becoming vocal at a time when institutions and wealthy investors are getting more interested in cryptocurrency due to massive price gains and as the space matures. Bitcoin is currently about 40% of crypto market value, down from around 70% at the start of the year.

Even with growing prominence of altcoins, Bitcoin has been able to “maintain its supremacy as the apex predator in digital currency,” he said.

Bitcoin has struggled in recent weeks as the likes of Ether have surged

(Excerpt) Read more Here | 2021-05-14 21:43:00
Image credit: source


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