Bitcoin’s popularity has been growing in 2021 amidst the world crisis triggered by the novel coronavirus.
The popularity of the king coin and crypto, in general, is on the rise and more people are seeing BTC as a hedge against inflation during the tough times in which we are living.
Bitcoin and Amazon
It’s been just revealed that the hedge fund manager Anthony Scaramucci is comparing Bitcoin (BTC) to e-commerce giant Amazon.
As you probably know, Amazon has been volatile in its early days but eventually became one of the best-performing stocks.
In a new interview on CNBC’s Squawk Box, he said that Bitcoin has grown exponentially in terms of fundamentals during 2021 and that the recent correction gives investors a chance to buy at a discount.
“If you and I were on this conversation a year ago, Bitcoin had a hundred million wallets. Glassnode is saying there’s about 240 million today, so that’s great exponential growth, but it’s not fully saturated, so I think there are buying opportunities all around, and if you don’t have leverage on, this is a good day for you as an investor.”
He also said that he doesn’t think Bitcoin is an asset that you can use to hedge against inflation yet, but it’s worth noting the fact that he believes in the long-term potential of the leading cryptocurrency.
“I don’t think it’s a hedge against inflation at this moment in time. I think long term if you got to a billion wallets, two billion wallets and Bitcoin was in a what I would call a stable trading zone.”
He continued and said the following:
“Think of Amazon – 20 plus years of Amazon. This is sort of Amazon in the year 2000. This comes with some volatility, and it comes with a lot of fear and uncertainty, and that’s the reason why it’s down.”
He said that the fact that BTC is so volatile is only shaking out investors.