Anthony Scaramucci says Elon Musk scared people off bitcoin but he backs it to soar like Amazon stock in the long run

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Anthony Scaramucci has said that will shoot higher in the long run despite some early setbacks – just like stock. One of those setbacks has been the fact that Elon Musk “scared people” away from the cryptocurrency, the founder of SkyBridge Capital and former White House chief of communications on Tuesday. Musk’s electric car company stopped accepting bitcoin as payment in May , helping trigger a crash in the cryptocurrency.

Bitcoin traded at around $33,000 on Wednesday, more than 45% below its record high of close to $65,000 reached in April. Scaramucci, whose SkyBridge investment firm has around $500 million in bitcoin, said he thinks the huge volatility is more to do with the fact that the cryptocurrency is in the early stages of adoption than with Musk. He compared bitcoin to Amazon, whose stock price has fluctuated dramatically through the years. “If you went back to Amazon’s IPO back in 1997, if you held $10,000 of that stock more...