SkyBridge Capital founder Anthony Scaramucci should focus on long-term investments instead of constantly worrying about the dwindling prices of cryptocurrencies. He said this during an interview on January 25. According to Scaramucci, many people in crypto claim to be long-term investors until a short-term bearish market sends them into a state of panic, forcing them to sell their holdings.
Urging investors to avoid this mindset, he said everyone should take a chill pill and take long-term positions on cryptocurrencies like Bitcoin (BTC/USD), Ethereum (ETH/USD), and Algorand (ALGO/USD). He added that investing in such coins would benefit buyers in the long term.
Scaramucci added that investors should look at the bigger picture and stop looking at BTC’s current price against the US dollar, adding,
We’re getting ahead of ourselves. If it’s 2025, and there’s a billion bitcoin wallets, let’s call it a currency. The dollar is still the dollar. To me, this is an emerging technology that will eventually evolve into a store value as more and more people join the network.
While he is bullish that BTC will make a comeback, Scaramucci said the cryptocurrency’s volatility emanates from low adoption, especially among large corporations. Apart from Tesla, MicroStrategy, and a few others, smaller organizations like hedge funds and small businesses are practically dabbling in the flagship crypto.
Invest without being overexcited
Explaining why he is a long-term BTC bull, Scaramucci said investing in BTC is similar to investing in Amazon between 1998 and 2000.
He pointed out that,
I would never lever an asset like bitcoin because of the volatility and the uncertainty. … It would be like levering Amazon back in 1998, ’99 and 2000.
