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Bitcoin Should be Part of Your Retirement Plan, Says Scaramucci

·2 min read

Former White House Chief of Communications, Anthony Scaramucci, continues to tout cryptocurrencies as an integral part of people’s financial future.

Anthony Scaramucci has been a proponent of digital currencies for a while now, specifically bitcoin (BTC). In a recent interview with 401K Specialist magazine, he doubled down on his push for Americans to invest sooner rather than later in the world’s most popular digital currency.

While Scaramucci does warn that investing in such a volatile currency should be done in “bite-size, digestible chunks,” he firmly believes that bitcoin should be part of people’s retirement plans. Even if it is just a small amount. In fact, the volatility of digital currencies is exactly why he believes in investing in bitcoin. The co-founder of SkyBridge Capital said that:

“People can trade within their 401k without tax consequences. If we’re right about bitcoin and I was your financial advisor, I would tell you that over the next 100 years, this is the technology that people are going to use for a large swath of commerce on the planet.”

He goes on to state that bitcoin is in line to be the highest-performing asset of the next ten years, digital or otherwise.

Scaramucci, whose SkyBridge Capital firm has a bitcoin fund, has not been shy about his optimism surrounding digital assets. In an interview on CNBC’s Squawk Box, the former Goldman Sachs investment banker made a lot of comparisons between bitcoin and Amazon. It is a comparison he makes often.

Scaramucci relates the current “transitory period” of bitcoin to what happened with shares of Amazon back in the early 2000s. He points out that bitcoin is 12 years old and, while many believe the time has passed for investing, people should learn from the past success of other entities.

He points out that if you had invested in Amazon after the twelfth year of availability “you got a 64x return on your money from 2009 to 2021.” He adds that after two decades of ups and downs, Amazon is now trading with stability.

Scaramucci believes that bitcoin’s long-term chart is similar to that of Amazon’s and “once it fully scales, […] you’re going to be looking at that situation and saying, ‘OK, it’s way less speculative.’”