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Bitcoin, the world’s largest crypto by market cap, has declined by around 40 percent from BTC’s November 2021 all-time high. However, former White House Communications Director and SkyBridge Capital founder Anthony Scaramucci isn’t worried about the crypto’s long-term potential.
Bitcoin’s price has been highly volatile in January and, at one point, has even fallen more than 50 percent off its all-time high. However, Scaramucci is not particularly concerned by such price movement saying that it has happened multiple times in the past.
“I just want to point out to everybody Bitcoin has had at least 50 percent price declines 10 times since 2012,” he told Michelle Makori, editor-in-chief of Kitco News. “In the last year we’ve had two 50 price declines.”
As such, long-term BTC holders should expect these price swings. “If you’re long Bitcoin, you have to subject yourself to these types of volatility moves,” he added.
He compared Bitcoin to Amazon before the company became the behemoth it is today. “I’ll just point out that people in web one, the same sort of situation happened for Amazon,” Scaramucci explained. “And if you were wise enough and disciplined enough to hold Amazon and let that company take full advantage of the network effects associated with it, you did very well. I think that’s going to happen with Bitcoin.”
While Amazon CEO Jeff Bezos once said that he ignored price volatility and focused more on users and revenue growth, Scaramucci said that it’s a bit different for the crypto. “For Bitcoin, since it’s a network, you have to be focused on the wallet growth and the interaction among the people in the network,” he said.
He also gave a price prediction for BTC, which could happen in the next few years. “I ultimately think Bitcoin will be worth half a million dollars,” he said. “It will probably take four to five years. The ride will be rocky but it will certainly be worth it.”
