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The sense of urgency to accept Bitcoin (BTC) as a mainstream financial asset may be unwarranted as the premier digital currency is still in its infancy. According to renowned investor and Bitcoin advocate Anthony Scaramucci, the hasty rejection of Bitcoin by top Wall Street investors Warren Buffett and Charlie Munger will be eroded when the history of both veterans is reviewed.
According to Scaramucci, it took Buffett and Munger about 40 years before they could accept Apple as a viable investment product. At the time of its inception, Apple, under founder Steve Jobs, was considered one of the most promising tech companies with the most revolutionary innovations at the time.
Scaramucci believes that if it took these established and successful investors that long to embrace Apple, then there is more than enough time to embrace Bitcoin. With Bitcoin just barely 14 years old, Scaramucci pointed out that there are still about 26 more years to beat Apple's record.
It took Mr. Buffet and Mr. Munger 40 years to fall in love with Apple $AAPL Which means we have 26 years to go for that love affair to start with #Bitcoin Mr. Munger will be 125 Mr. and Mr. Buffett 118.
— Anthony Scaramucci (@Scaramucci) February 2, 2023
The duo of Warren Buffett and Charlie Munger are known as the oldest hardcore critics of Bitcoin. In recent times, Charlie Munger, aged 99, recently called for a ban on Bitcoin just as China has done, a comment that likely stirred Scaramucci to tweet.
Grooming Peter Schiff
It is not unusual to find prominent Wall Street players deride Bitcoin on the premise that digital currency has no intrinsic value.
With their respective ages, one may argue that they are grooming the likes of Peter Schiff to take the baton in calling out Bitcoin investors and proponents. While Buffett and Munger's criticism is seasonal, Schiff is more consistent with his bearish projections for the crypto ecosystem.
One thing remains obvious, though: the number of active and vocal Bitcoin proponents currently surpasses those of the critics, a trend that has an underlying benefit for the nascent asset class.
Alex Dovbnya
Valeria Blokhina
Vladislav Sopov
