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Anthony Scaramucci Says Bitcoin Is at ‘March of 1999’ Stage of Adoption – Here’s What He Means

March 07, 2024

Hedge fund veteran and SkyBridge Capital chief executive Anthony Scaramucci says Bitcoin (BTC) is still in the very early stages of adoption.

In a new interview with CNBC, Scaramucci predicts Bitcoin’s global adoption will continue to increase in the coming years, leading to massive network growth.

He compares Bitcoin’s current adoption rate to the early days of the Internet, also known as Web 1.0, which lasted from 1991 to 2004. He also likens Bitcoin’s current status to the early days of online retail giant Amazon.

“Back into the early 2000s, we watched Amazon go from $116 to $10 and people were calling for the death of Amazon and, of course, Amazon became one of the most successful companies in human history.

So this is still immature…

And let me just make this last point. We have a 5% adoption of Bitcoin globally. That puts us right about March of 1999 if you were comparing it to Web 1.0. So I just want you to think about what happened from Web 1.0 1999 to where we are today 25 short years later. And if you stay patient with Bitcoin, and you have it appropriately sized in your portfolio, so you’re not looking at these oscillations, I think you’ll be well rewarded.”

Bitcoin is trading for $67,410 at time of writing, up 7.5% in the last 24 hours.

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