Bitcoin is more resilient than stocks, shows Anthony Scaramucci. He considers the digital gold to be a relatively better investment.
The stock market and crypto industry have been hit hard this year, but to varying degrees. Sharing the performance of the stocks of some of the world's largest companies, Anthony Scaramucci, a well-known cross-market investor and supporter of Bitcoin (BTC), showed the resilience of Bitcoin in relation to these stocks, reports U.Today. He tweeted that shares of Amazon, the world's largest retailer, have fallen 50% since the start of the year. Shares in electric vehicle and energy storage systems maker Tesla fell 69%, while payments giant Paypal fell by the same amount. For Scaramucci, Bitcoin’s 64% drop despite a tumultuous year characterized by the collapse of FTX, Three Arrows Capital, Terra, and Genesis makes BTC a relatively better investment.
“I think we have a rough 6 months ahead - yet BTC (and, for that matter, ETH) resilience in the face of terrible macro market for risk assets and historic idiosyncratic crypto disasters is impressive,” he wrote. Scaramucci, who is considered one of the main figures in both the cryptocurrency and stock markets, appreciated Bitcoin despite the fact that his firm Skybridge Capital was one of the leading financiers of the now-bankrupt derivatives exchange FTX.
As one of the world's most valuable assets, Bitcoin is typically backed by the technology it uses, making its operations highly decentralized. All stocks profiled by Scaramucci are income and profit-generating entities, and many believe that this feature should contribute to their overall performance compared to the emerging digital currency. That Bitcoin's supply is capped at 22 million coins, of which only a few are left for mining, continues to generate interest from companies like MicroStrategy, who believe the continued hoarding during this time could mean a significant price increase is coming in the near future.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.