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Prominent Financial Expert Names Driver Likely to Fuel Bitcoin Growth

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Wed, 01/27/2021 - 11:01
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Yuri Molchan
Major financial expert and head of a top flight Wall Street hedge fund has named one factor that is likely to fuel further Bitcoin rise
Prominent Financial Expert Names Driver Likely to Fuel Bitcoin Growth
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According to an article by Bloomberg, Anthony Scaramucciwho founded SkyBridge Capitalbelieves that despite Bitcoin's current fall to the $31,000 zone, there is a major positive for BTC in the current environment: the GameStop rally.

"GameStop rallying proves 'Bitcoin is going to work' "

Anthony Scaramucci has stated that the recent rally of GameStop's shares is quite positive for the flagship cryptocurrency, and the company's rising stock is "proof of concept that Bitcoin is going to work."

Scaramucci believes that the phenomenon of the surging GameStop shares proves that decentralized finance, the idea underpinning Bitcoin, works.

The company was mentioned in an Elon Musk tweet ("GameStonks") that gave its stocks a push of over 50 percent, demonstrating an overall rise by 700 percent this year.

Reddit users were largely responsible for driving the rallying trading session of the GameStop shares, which was basically "decentralized investor activity," and this is good for Bitcoin, according to Scaramucci.

There is no way you can "beat the decentralized crowd," he argues.

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SkyBridge owns $385 million in Bitcoin

Scaramucci's fund has approximately $385 million worth of the flagship cryptocurrency, slightly less than the first Bitcoin purchases made by MicroStrategy when the company put a whopping $475 million into BTC.

The Bitcoin Fund, started recently by SkyBridge, currently contains approximately $60 million.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.