Anthony Scaramucci Admits He Failed To Understand Bitcoin For 8 Years Before Finally Becoming A Believer: 'I Was Very Negative'

Anthony Scaramucci, the founder and CEO of SkyBridge Capital, shared on Thursday his journey from being a cryptocurrency skeptic to an advocate, attributing the shift to diligent research and understanding.

Trending Crypto Products

Earn Up to 3% Back in Bitcoin and Crypto on Every Purchase You Make

Invest Your IRA or 401(k) in Real Estate, Crypto, and More with IRA Financial

Scaramucci Failed To Understand Crypto Initially

During a YouTube Q&A session, Scaramucci was asked what he is most proud of changing his mind about.

Well, I say business.. crypto,” Scaramucci responded. “I was very negative on crypto. Didn’t really understand it. I’m a traditional finance person.”

From Skepticism To Adoption

Scaramucci admitted it took him eight years to make his first Bitcoin BTC/USD investment.

“I was introduced to Bitcoin way back in 2012. Didn’t understand it. I was very skeptical, very cynical of it,” he confessed.

The former White House Communications Director dragged his feet for the next few years before finally deciding to do some “homework.”

“I just see this as a major technological breakthrough for all of us to really understand the blockchain or understand the digital property aspects of Bitcoin,” he said.

Scaramucci said he usually finds nine out of ten people gravitate toward Bitcoin if they do their homework.

“And so I would just recommend that you do the homework, but please by all means continue to stay skeptical,” Scaramucci said.

The White House Episode

There have been other accounts about Scaramucci’s journey from skepticism to advocacy. During his tenure at the White House, he had a pivotal moment that brought him closer to Bitcoin.

During a cryptocurrency conference in March, Scaramucci recalled Treasury Secretary Steve Mnuchin and Federal Reserve officials meeting in the Oval Office to discuss Bitcoin and blockchain. While he was fired from service a few days later, he became fascinated by Bitcoin and began extensive research into the cryptocurrency.

So strong is his conviction in Bitcoin that he authored a book called "The Little Book of Bitcoin," aimed at helping readers grasp the financial significance of digital assets. He revealed previously that 70% of his wealth is tied up in the leading cryptocurrency.

Price Action: At the time of writing, BTC was exchanging hands at $112,329.86, up 1.36% in the last 24 hours, according to data from Benzinga Pro.

Read Next: