He then advised potential investors to properly do their homework on Bitcoin to have a good knowledge of it, suggesting anonymous Bitcoin creator, Satoshi Nakamoto’s white paper as a good read.
Studying Bitcoin Improves Adoption
Scaramucci’s sentiments that getting to understand Bitcoin almost always leads to investing in it may not be far fetched however. Citing an example, he mentioned Ray Dalio, a well known Bitcoin skeptic turned Bitcoin investor.
He also mentioned other renowned investors like the American billionaire Stanley Druckenmiller and Paul Tudor who finally joined the trend by getting their own pieces of Bitcoin. In Scaramucci’s words, brilliant and prominent investors like these two guys would not decide on making such investments without doing their homework.
Scaramucci also added that Bitcoin has grown over 100,000% since it began in January 2009. Like he said, a person owning just one cent in Bitcoin and 99 cents in cash over the last decade, must have outperformed everything by now.
Scaramucci’s remarks come after Bitcoin hit a new all-time high of over $67,000 last week, albeit presently trading at $63,277. Recall that just one year ago, Bitcoin was trading at just about $13,000. But for the first time in its decade long history, On October 20, Bitcoin reached above $67,000.
The adoption is such a great one that cannot be over emphasized.
While Bitcoin has undoubtedly gained worldwide recognition, many are still skeptical about Bitcoin really getting the massive adoption, and that’s mainly because of the complex nature of its use.
Big names like major crypto industry investor Tim Draper, believe the main reason why Bitcoin hasn’t still been seeing the mass adoption is because its not easy to use.
Sometime last year, American billionaire entrepreneur Mark Cuban also put forward his opinion that Bitcoin needs to be easy enough that even a grandma can use it, before the mass adoption will take place.