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Scaramucci Says Bitcoin Can’t Be ‘Devalued’
During an interview with RiskReversal Media, Scaramucci said that traditional fiat money is essentially “worthless,” but it gains value because people trust it.
Bitcoin, he added, is an improved version, which happens to be “an open, transparent, fully decentralized and fully secured” by a network of computers.
“This is a computer program that cannot be devalued,” Scaramucci said.
The natural next question is — why does Bitcoin’s value fall then?
The S-Curve Of Adoption
Scaramucci admitted that the majority of people, himself included, were dismissive of Bitcoin initially when it was championed by “libertarians” and “introverts.”
“And then as we started to understand it, we started adopting it, but it’s not there yet,” he said.
The former White House communications director argued that Bitcoin is navigating the classic S-curve of adoption, similar to Amazon and Microsoft.
The S-curve of adoption is a graph that shows how new products, technologies, or ideas spread through a population over time. It follows an S-curve because adoption begins slowly, then accelerates rapidly before eventually flattening out as the market matures.
“You have early adopters. Then, when you get to the late adopters, you always have these volatile cycles,” Scaramucci added.
Scaramucci has been a known Bitcoin bull, setting a $1 million price target for the asset by 2032. He that 70% of his wealth is tied up in the leading cryptocurrency.
Price Action: At the time of writing, BTC was exchanging hands at $79,418.85, down 2.04% in the last 24 hours, according to data from Benzinga Pro.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Al Teich / Shutterstock.com
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