The American financier said some crypto gems could survive through the crypto winter as Amazon did after the tech stock bloodbath in 2000.
against critics like Warren Buffett – compared the current bear market to the Internet bubble burst in 2020. However, he hinted that crypto gems like bitcoin could be another Amazon stock, as he saw the recent climb-up of bitcoin’s dominance within the overall crypto market.
“In 2000, when many Internet stocks were crating for many of the Web1 stories, [they] when to zero but of course there are a few gems like Amazon that went on doing pretty well.”withdrawals, swaps, and transfers between accounts as one of the catalysts of the deepened bitcoin dump. Under this extreme circumstance, he advised people to stay long and avoid leverage.
Despite his positive stance toward the primary cryptocurrency, Scaramucci warned investors in the past to scale their BTC investments appropriately. In a previous interview, he“I don’t want my clients to miss this. I’m telling them to size it appropriately – that’s a 1% of 3% allocation, 1% to 4% at cost. You can let it run, of course. But size it appropriately, then recognize that this is going to be part of our future.
With a private stake in the crypto exchange FTX, Scaramucci also praised its performance as a profitable company capable of quickly expanding its market share.
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