People Should Own Small Percentage in Bitcoin, says Scaramucci

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In Brief
  • Anthony Scaramucci recommends clients own 1-3% Bitcoin (BTC).

  • SkyBridge Capital founder names BTC the "apex predator" of digital currency, despite current performance and rise of altcoins.

  • Twitter founder Jack Dorsey says BTC "changes everything for the better".

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SkyBridge Capital founder Anthony Scaramucci has revealed that he believes people should own at least a small amount of Bitcoin (BTC). 

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According to reports, the financier, who served as the White House Director of Communications for ten days back in 2017, said he advises his clients to own between 1 and 3% in the cryptocurrency. While quick to state he does not recommend owning their entire net worth in BTC, he advises them not to miss out.

Tough times for BTC

Scaramucci has always been an advocate of BTC. His company, the global investment firm SkyBridge Capital, has a fund in the cryptocurrency. But the investment advisor’s more recent vocal support has come at a time of struggle for BTC. It may still be the world’s leading cryptocurrency by market capitalization, but 2021 is proving hard for BTC.

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While hitting its all-time high back in April, it has since struggled to regain that kind of momentum, hovering over the $50,000 mark ever since. Furthermore, reports stated this week that the Bitcoin dominance rate (BTCD) has fallen to its lowest since 2018. 

Matters have not been made better with Elon Musk announcing on May 12 that his company Tesla would no longer accept payments made in BTC. The tech mogul, whose social media presence has gained notoriety this year for driving up the price of Dogecoin (DOGE), revealed his decision was in light of the energy usage associated with BTC was detrimental to the environment.

In addition, this year has seen BTC’s competition really rise to the occasion as altcoins catchup in price. Ether (ETH), for one, has risen over 450% this year so far, and surpassed Visa in terms of market capitalization. The aforementioned DOGE has also had astronomical growth. According to data, it has risen nearly 20,000% in the last year. It is currently ranked the 5th most valuable cryptocurrency by market cap.

Optimism and support

Despite the rise of altcoins, Scaramucci remains optimistic that the odds are in BTC’s favor. He named it “the apex predator” of digital currencies. Meanwhile, he said DOGE is too far off the scale for his clientele. 

He is not the only one to voice support for BTC this week. For one, Jack Dorsey, founder of Twitter and Square. He issued a Tweet on May 14, stating that BTC changes everything for the better. “We will forever work to make bitcoin better.”

This was in response to Square’s Chief Financial Officer Amrita Ahuja, who claimed in a Tweet of her own that Square’s BTC strategy hadn’t changed.

Ahuja stated “We’re deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy Initiative.”

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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