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Renowned investor and founder of SkyBridge, Anthony Scaramucci, has once again expressed his firm belief in the transformative power of Bitcoin.
In a recent statement, Scaramucci emphasized that Bitcoin should not be merely compared to gold, but rather likened to Berkshire Hathaway, highlighting the cryptocurrency’s status as a “compounding machine for investors.”
Bitcoin is the Berkshire Hathaway of the 21st century – a compounding, wealth generating machine for investors. It was never “too late” to buy Berkshire stock. It is still very very early for Bitcoin.
— Anthony Scaramucci (@Scaramucci) March 2, 2024
Berkshire Hathaway is a renowned American multinational conglomerate holding company headquartered in Omaha, Nebraska. Led by Warren Buffett, it owns a diverse range of businesses and significant minority interests in public companies like Apple.
Berkshire Hathaway’s market capitalization exceeds $700 billion, making it one of the largest companies globally.
Scaramucci’s unwavering support for the leading cryptocurrency comes as no surprise, as he has consistently advocated for the adoption of the flagship cryptocurrency over the years.
Bitcoin: Outperformance Of Gold Demonstrates Unmatched Potential
When analyzing Bitcoin’s performance metrics, it becomes evident why Scaramucci holds such a positive outlook on the cryptocurrency. Over the past decade, while gold has managed to record a modest 30% gain when adjusted for inflation, the digital asset has soared by a staggering 3,700% since its inception.
This remarkable growth translates to annual returns of no less than 45%. These numbers highlight BTC’s unmatched potential and its ability to outperform traditional investment assets like gold.
Qatar’s Potential BTC Reserves Trigger Excitement In The Crypto Market
Meanwhile, in a recent tweet, Scaramucci – the former White House Director of Communications – hinted at the possibility of Qatar adding the king coin to its reserves, potentially becoming the first Middle Eastern country to do so. While there is no official confirmation regarding Qatar’s Bitcoin investments, the news has caused a stir within the crypto market.
Max is saying Qatar may have added #Bitcoin to their balance sheet. If true all we can say is thank you Max Keiser! https://t.co/3f2Tnn0avs
— Anthony Scaramucci (@Scaramucci) March 3, 2024
Speculations surrounding Qatar’s interest in the crypto began to circulate in September 2023, when the Emir of Qatar, His Highness Tamim Bin Hamad, engaged in discussions about Bitcoin adoption and other investment prospects during his visit to El Salvador. The potential inclusion of Bitcoin in Qatar’s reserves further solidifies its status as a legitimate asset class.
IT’S HAPPENING!!! https://t.co/dejoXn5Al9
— Max Keiser (@maxkeiser) March 3, 2024
Bitcoin’s Market Performance And Resistance Levels
As of the latest data, Bitcoin is currently exchanging hands at $63,459, representing a notable 21% surge over the past week. With a circulating supply of 20 million BTC, the cryptocurrency commands a staggering market capitalization exceeding $1.2 trillion.
However, Bitcoin is currently facing resistance at its previous all-time high of $69,000, while $62,000 acts as its closest support level. The Relative Strength Index (RSI) on the weekly timeframe stands at an impressive 92.4, indicating robust momentum and potential for further price appreciation.
Scaramucci’s unwavering support for the alpha coin and his comparison of the cryptocurrency to Berkshire Hathaway underscore the transformative potential of digital assets. Bitcoin’s exceptional performance, as evidenced by its significant outperformance of gold, further solidifies its position as a viable investment option.
Featured image from Bloomberg via Getty Images, chart from TradingView
