Anthony Scaramucci, former White House communications director and founder of Skybridge Capital, is making the leap into the cryptocurrency space with a $25 million investment into a new bitcoin fund.
The announcement comes on the heels of bitcoin hitting an all-time high of more than $34,000 over the weekend before briefly sliding back below the $30,000 mark on Monday.
Scaramucci said the recent increase in the U.S. money supply due to expensive coronavirus stimulus measures is partially behind the rally.
"Just think of the magnitude of that, it being the global reserve currency and that it's been bumped up by 25 percent in six short months," he told Cheddar.
He also points to the self-reinforcing effect of more buyers crowding into the bitcoin market.
"Once the value's reinforced, you could see this becoming a store of value, and in some ways, as Michael Saylor would say or others, it's better than gold," he said. "It's sort of a digital gold."
However, Skybridge won't be investing in other cryptocurrencies anytime soon.
"I would say that we've done our homework," Scaramucci said. "We think bitcoin is the winner."
Its ability to stave off competitors is one reason the firm is choosing now to invest, he added.
"In our opinion, [Bitcoin] is Facebook, not Myspace. It is more akin to a Google than, let's say, Ask Jeeves," Scaramucci said. "Crypto is wild west enough for most people. We're airing on the conservative side by just sticking to the top asset in the space."
As for the prospect of additional regulation of bitcoin under a Biden administration, Scaramucci said it will only help drive acceptance of the cryptocurrency.
"The millennials, my adult children, are going to be the people that really accept bitcoin, way more than my generation or the generation of Warren Buffett, if you will."
Scaramucci also commented on the revelation that President Donald Trump personally put pressure on the Georgia secretary of state to change the outcome of the presidential race. He said this will make it even harder for Republicans to pull ahead in the state's Senate runoff elections on Tuesday.
"They'll be resoundingly close tomorrow," he said. "That's because of the nefarious behavior of President Trump."
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