InvestorBrandNetwork (“IBN”), a multifaceted financial news and publishing company for private and public entities, today announces that Anthony Scaramucci, founder and managing partner of Skybridge Capital and former White House Communications Director under the Trump administration, recently appeared on The Dealmaker Show, a fast-paced and high-energy forum hosted by bestselling author Oren Klaff.
To hear the full podcast, visit The Dealmaker Show
During the interview, Klaff inquired about Scaramucci’s outlook on the current state of the cryptocurrency market and how he expects bitcoin’s value to move in the coming years as the token’s long-term utility continues to take shape.
“I think it’s too soon [for bitcoin] to be categorized as [an asset class, a store of value or a transfer of value]. I think that, 10 years from now, I’d like to tell you that it’s going to be a store of value. You can certainly look at its trajectory and say that it’s done a good job of storing value,” Scaramucci explained. “It has a lot of volatility to it, so that gets people concerned. If you take a 30,000-foot view and look at where bitcoin was in 2013 and where it is today, it’s certainly been a magnificent performer, but I think that there’s something else going on.”
“Bitcoin is fully engaged in the network effect; it’s fully engaged in Metcalfe’s Law. What did Professor Metcalfe say? He said that you can value things pursuant to the growth of their network. Amazon… is a retail network. Facebook is a social network. Google is an information and advertising network. What is bitcoin?” he continued. “If it’s a monetary network, then the coins will be worth $1 million per coin. If it’s a store of value network, then the coins will be $500,000 per coin. If it’s neither of those things, somebody would say, ‘well, then it’s going to go to zero.’ Maybe, but maybe not… Bitcoin is scarce; it’s digital… People are very comfortable living in the digital world… There are things that will be worth something in the world of digitization.”
“In the 1935 Monopoly game, you had $1,000 of Monopoly money. The U.S. dollar, in terms of its purchasing power, is down 98%. If you went to eBay to buy the original paper Monopoly dollars, you would have to pay… over $1,000 for them. The Monopoly dollar has gone up while the American dollar has gone down,” Scaramucci noted. “People… want to pretend that we’re in a normative society where things ought to work a certain way. Yeah, our government ought not to borrow $0.51 for every dollar that is spent. They should not do that, but they are doing that. So, as a result of them doing it, we have to live in a society the way it is, not the way we want it to be. We have to adjust accordingly. Bitcoin’s got to be worth something. There are too many players involved. If I’m right, I think it’ll be worth $500,000 a coin. If I’m wrong, I don’t think it’s going to zero.”
Throughout the interview, Scaramucci discussed the underlying value supporting the growth of bitcoin, his capital raising strategies for a fund focused on digital assets and his suggestions for young investors interested in the crypto space.
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