Trillions of Dollars Could Flow to Crypto Amid ‘Ridiculous’ Levels of Innovation, Says Anthony Scaramucci
SkyBridge Capital CEO Anthony Scaramucci is predicting that explosive innovation around digital assets will attract trillions of dollars to the crypto markets.
In a new London Real interview with podcaster Brian Rose, Scaramucci says that crypto has the potential to be more efficient and cost-effective than traditional financial systems and for that reason, digital assets will ultimately gain much wider adoption.
The hedge fund executive talks about the statements of Marc Andreessen, the co-founder of the investment firm Andreessen Horowitz, who explained how crypto and blockchain technology could disrupt the traditional financial system.
“The blockchain and cryptocurrency and web3 could be bigger than the internet itself. And if you actually understand what’s happening and Marc Andreessen said this better than me, he invented the Netscape browser [and he] is a big part of web1. He said, ‘Okay, this is bigger than Web1. Why? Because it’s going to dis-intermediate transactions. It’s going to take third parties out of the system. There’s going to be a lot of costless things that happen, where fees that were once charged by banks and other intermediaries won’t be able to be charged because the technology is so good.’
We don’t trust each other, but if you have technology that you don’t need to trust each other and you can have this trustless bilateral system where I can transfer value to you, you can transfer value to me without a third party, there will be ridiculous levels of cost savings and there will be ridiculous levels of economic innovation that get unleashed.”
According to Scaramucci, the total market capitalization of cryptocurrencies could increase by more than four times its current value of $1.172 trillion in just a matter of years.
“But I am here to tell you that five years from now, or 10 years from now, the stock market will be higher, the Nasdaq will be higher. There’ll be greater growth in the cryptocurrency space. [Ark Invest CEO] Cathie Wood will likely be right in terms of price appreciation. This $900 billion of total market capitalization could be $3 trillion, $4 trillion or $5 trillion over the next couple of years. And I want to be a part of it.”