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‘The Mooch’, also known as the founder and managing partner of SkyBridge Capital, Anthony Scaramucci, shared his thoughts on the current state of the financial system and the role of Bitcoin (BTC) in this system. Scaramucci recently stated in an interview that the financial system is broken due to its challenges.
“There is a Need for an Asset Like Bitcoin”
Scaramucci praised the efforts of the Fed in managing the deteriorating economy in a challenging system. However, he expressed concerns about the overall condition of the financial system and stated that radical changes are needed.
Referring to Bitcoin, the most well-known and largest cryptocurrency, Scaramucci emphasized the concept of an asset that is limited, impossible to replicate, and can transparently operate through the use of a ledger to fix the broken system.
While acknowledging that Bitcoin, as the founder of SkyBridge Capital, may not become the universal currency standard, Scaramucci indicated its potential to surpass the value of gold in the future. Currently, Bitcoin’s value is around 550 billion dollars, but Scaramucci predicts it will reach 1.5 trillion dollars.
Expecting Bitcoin to Surpass the Value of Precious Metal Gold
On the other hand, Scaramucci believes the key issue is how to fix the broken financial system. He stated that fixing the system is possible but requires long-term commitment, collaboration between Republicans and Democrats, and strategic planning. However, he noted that the current political climate, especially in democracies, is not conducive to long-term thinking.
Sharing his perspective on Bitcoin, Scaramucci said:
Some Bitcoin maximalists may want it to become the universal currency standard, but I don’t think it will. Nevertheless, it can become a more valuable store of value than gold in many aspects, and I believe it will.
Scaramucci highlighted that the Chinese have comprehensive plans spanning decades for their future, whereas the US lacks clear and continuous visions, especially in fundamental areas such as infrastructure and education.
