24.10.2021

Former Donald Trump administration official calls Bitcoin a safe asset

Anthony Scaramucci, head of SkyBridge Capital and former White House communications director, noted that Bitcoin’s value proposition has increased significantly recently, meaning that it is now much easier for current and future investors to understand the important benefits that cryptocurrency provides.

This happened after governments eliminated many of the risks associated with a digital asset. In an article on CNN, Scaramucci and his SkyBridge colleague Brett Messing argue that Bitcoin has become a viable option for long-term investors looking for a safe haven from inflation. The authors also believe that owning BTC is much less risky today than it was a few years ago, when regulation and infrastructure were still underdeveloped.

Let’s start by explaining the situation. And although Bitcoin managed to grow at least twice from its previous all-time high of $ 20,000, the attitude towards cryptocurrency among novice investors and people unfamiliar with the blockchain remains suspicious. This, among other things, is facilitated by criticism of well-known figures, bankers and officials.

For example, yesterday we learned about a Harvard professor named Kenneth Rogoff, who sees no prospects for Bitcoin. According to him, sooner or later, states will take control of the industry, due to which interest in the niche among users will drop significantly – along with the rates.

Also on the eve of analysts at JP Morgan Bank ranked BTC as a cyclical asset, the price of which moves up or down in accordance with the cycles. Accordingly, the cryptocurrency allegedly will not be able to protect investors in crisis conditions.

Against the background of this information noise, some people become scared to get involved with blockchain assets, which are presented as a tool for speculators and a weapon for fraudsters. However, now the arguments in favor of Bitcoin are being heard more and more often. And Scaramucci’s sayings are one of them.

Is it worth buying bitcoins – expert opinion

The rise in the Bitcoin exchange rate “forced governments and many organizations to intervene in the development of the industry and eliminate the risks associated with cryptocurrency.” Scaramucci and Messing cited a recent decision by the Office of the Comptroller of the Currency (OOC) in the United States, which approved the use of digital assets in banking. Recall that thanks to him, banks will be able to use blockchain technology, which will greatly simplify and speed up the movement of funds. In addition, they can also communicate with stablecoins – that is, digital currencies, the value of which is pegged to the national one. In this case, it will be the US dollar.

Here is a quote from experts in which they share their attitude to what is happening. The replica is given by Cointelegraph.

Tighter regulations, better infrastructure, and access to financial institutions like Fidelity that hold investors’ money have made investing in bitcoin as safe as owning bonds or gold. Such assets are usually used to balance the risk of investment portfolios.

That is, in this case, the investor confirms the safety of Bitcoin as an investment tool. Yet, recently, a large number of serious companies have contacted the cryptocurrency, which at the same time both improves the reputation of the digital asset and attracts the attention of other industry players to it.

Recall that SkyBridge Capital made a splash last month when it filed an application with the US Securities and Exchange Commission (SEC) to open a hedge fund to manage bitcoins. A few weeks later, the SkyBridge Bitcoin Fund LP was launched, with Fidelity acting as custodian and Ernst & Young doing the audit. Accordingly, the industry was in fact contacted by the world’s largest companies that are known all over the world.

Anthony Scaramucci’s statement correctly reflects the current state of affairs. Bitcoin has become one of the most profitable investments in 2020, while the crypto market has significantly increased its capitalization just in a crisis situation – in this case, the coronavirus pandemic. Until the world comes out of the crisis, BTC will be considered an attractive investment.

We checked the latest data: today Bitcoin is valued at $ 31,310, which is 5.7 percent below the result of a day ago. At the same time, the annual growth of the asset is 275 percent, which is much more than classic investment instruments – with the exception of some stocks. That is, even despite the current period of depreciation, long-term investors are still in a serious plus. And this confirms the words of Anthony, who sees BTC as a great opportunity for investors.

We believe the current situation is good for Bitcoin and the cryptocurrency industry in general. And although BTC is now lagging behind its historical maximum by about 10 thousand dollars, positive statements are still being made about the cryptocurrency, and investors continue to buy the asset at “sale” rates. Therefore, the only thing left is to wait for the influx of new investors and the continuation of the price rally.

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