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Anthony Scaramucci, also known as ‘The Mooch’ and the founder and managing partner of SkyBridge Capital, has shared his thoughts on the current state of the financial system and the role of Bitcoin in it. In a recent interview, Scaramucci emphasized the financial system’s challenges, describing it as “broken.”

On the latest episode of OPTO – Invest in Innovation, he highlighted the Federal Reserve’s efforts to manage the situation and praised their work in a challenging system. Still, he expressed concerns about the overall state of the financial system, suggesting that a fundamental change is needed.

Scaramucci proposed the idea of an “immutable asset,” defined by its scarcity and impossible to replicate. Such an asset could be transacted transparently using a ledger. In this context, he referred to Bitcoin, the well-known cryptocurrency.

While he believes that Bitcoin may not become the universal standard of money, he sees its potential as a store of value, possibly even surpassing the value of gold in the future. Currently, Bitcoin is valued at around $600 billion, but Scaramucci predicts it could reach $1.5 trillion.

According to Scaramucci, the more significant issue is how to fix the broken financial system. He acknowledges that mending the system is possible, but it would require a long-term commitment, bipartisan cooperation, and strategic planning. However, he notes that the current political climate, particularly in democracies, doesn’t lend itself to long-term thinking.

Scaramucci shared his perspective on Bitcoin, stating, “As some of Bitcoin Maxis, the maximalists, want it to become the universal standard of money, I don’t think it will. I don’t think so, but could it become a store of value for people that, in many ways, is more valuable than gold, and I believe that that’s coming.” (Sic)

He also points out that the Chinese have extensive plans for their future, with strategies extending over decades. In contrast, he laments the lack of such long-term planning in the United States, where essential issues like infrastructure and education lack a clear and sustained vision.

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Filed under: Bitcoin - @ October 14, 2023 6:08 am