The Bitcoin network. Namthip Muanthongthae
Anthony Scaramucci stated that bitcoin reminded him of Amazon, Google and Facebook in their early days.
He stated that bitcoin and other cryptocurrency have been adopted quickly.
CNBC also heard Scaramucci Monday say that bitcoin is "digital gold."
SkyBridge Capital's founder and managing partner Anthony Scaramucci said that bitcoin's volatility was similar to the early days of big tech companies such as Amazon, Google and Facebook.
Scaramucci stated that all three started with oscillating volatility, but then stabilized. Scaramucci made the remarks on Monday's CNBC's Capital Connection. "Officially they all yielded tremendous growth, great returns, which is what I believe bitcoin will do."
Scaramucci, an ex-White House Communications director under Donald Trump, claimed that he currently has more than $1 billion in bitcoin. He called cryptocurrency "digital Gold" and stated that it would be a "gigantic asset type."
Even bitcoin skeptics have been convinced to invest after doing research. He pointed out that billionaires like Ray Dalio and Paul Tudor Jones have invested in bitcoin.
Scaramucci stated that the asset must be more stable and less volatile.
Bitcoin reached $65,000 in April for the first time. Then, it plunged as China announced a crackdown on cryptocurrency. Despite its steep losses, Bitcoin has recovered some ground.
Bitcoin's price has risen in the wake of investor excitement over US Securities and Exchange Commission approval of bitcoin futures exchange traded funds. Two bitcoin futures ETFs, one from ProShares and one from Valkyrie, started trading last week. A third from VanEck is expected to go live this week.
The cryptocurrency was trading at $63,233.82 on Monday. This is a decrease from the $67,000 record it reached last week.