Anthony Scaramucci Is Making A $250M Bet On 'The Google' Of Crypto

This article was originally published on January 16, 2022.

Bitcoin (CRYPTO: BTC) Bull and SkyBridge Capital founder Anthony Scaramucci says that his firm is investing heavily in Algorand (CRYPTO: ALGO) because he thinks the cryptocurrency will replace many of its competing blockchains.

In a recent interview, he said that ALGO will challenge leading competitors in the crypto industry, just like Alphabet Inc (NASDAQ: GOOGL) did in the early days of the internet.

“I’ve got a quarter-billion dollars in Algorand right now. I think Algorand will be the Google,” Scaramucci said. 

In December 2021, he compared Algorand's potential to pass Ethereum (CRYPTO: ETH) in market cap to the opportunity that Google capitalized on, bypassing its predecessors in the early stages of the internet. 

Algorand is a blockchain-based crypto platform that focuses on security, scalability, and decentralization.

It is faster than Ethereum and offers lower transaction fees. ALGO also has a net-negative carbon footprint.

“I think ultimately when the big enterprises get on to the tokenization side of the market, and they start working in the world of DeFi, they’ll need something that’s scalable like Algorand, secure like Algorand and ultimately decentralized, so they won’t have to worry about capricious inflation-deflation of what it is that they’re using as a form of exchange of value,” Scaramucci added. 

He feels that Algorand is the future, and it’s going to require more and more people doing deep-dive due diligence and making the decision to choose the blockchain.

During an interview in December of last year, Scaramucci told CNBC his funds hold about $9 billion in assets, with $1.3 billion of that consisting of crypto investments. Each fund has a 10% to 25% allocation to crypto.

Photo: Courtesy of Gage Skidmore on Flickr