Anthony Scaramucci says Bitcoin is in the “March 1999” adoption stage – here’s what he means
Hedge fund veteran and SkyBridge Capital CEO Anthony Scaramucci says Bitcoin (BTC) is still in the very early stages of adoption.
In a new interview with CNBC, Scaramucci predicts that global adoption of Bitcoin will continue to increase in the coming years, leading to massive network growth.
He compares Bitcoin's current adoption rate to the early days of the Internet, also known as Web 1.0, which lasted from 1991 to 2004. He also compares Bitcoin's current status to the early days of online retail giant Amazon.
“In the early 2000s, we saw Amazon go from $116 to $10 and people were calling for the death of Amazon, and of course Amazon became one of the most successful companies in human history.
So this is still immature…
And let me address this last point. We are seeing a 5% adoption rate of Bitcoin globally. We were right in March 1999 if you compare it to Web 1.0. So I just want to remind you what happened from Web 1.0 in 1999 to where we are today, 25 short years later. And if you stay patient with Bitcoin and have it in your portfolio at an appropriate size so that you don't pay attention to those fluctuations, I think you'll be well rewarded.”
Bitcoin is trading at $67,410 at the time of writing, up 7.5% in the last 24 hours.
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