Considering the strain in the broader financial ecosystem this year, both the stock market and the crypto industry have experienced severe battery, but to varying degrees. Sharing the performance of the stock of some of the world’s biggest companies, Anthony Scaramucci, a prominent cross-market investor and Bitcoin (BTC) advocate, has showcased the resilience of the cryptocurrency over these shares.
Taking to Twitter, he revealed that in the year-to-date period, Amazon (AMZN), the world’s largest retailer, has seen its shares slump by 50%. The electric automaker Tesla (TSLA) is down 69%, while payment giant Paypal (PYPL) is down by the same number. To Scaramucci, the 64% drop in Bitcoin, despite a tumultuous year characterized by the collapse of FTX, Three Arrows Capital (3AC), Terra (LUNA) and Genesis, among others, makes BTC a relatively better investment.
“I think we have a rough 6 months ahead – yet BTC (and, for that matter, ETH) resilience in face of terrible macro market for risk assets and historic idiosyncratic crypto disasters is impressive,” he said in his tweet.
Considered one of the major figures in both the crypto and stock markets, Anthony Scaramucci’s assessment of Bitcoin was made despite his firm, Skybridge Capital, being one of the top financiers of the now-bankrupt FTX Derivatives Exchange.
Building resilience with tech
As one of the world’s most valuable assets, Bitcoin is typically sustained by the tech it brandishes, which makes its operations highly decentralized. All of the stocks profiled by Scaramucci are revenue- and profit-generating entities, a feature that many believe is supposed to aid their overall performance compared to the nascent digital currency.
That its supply is capped at 22 million coins, of which only a few are left to mine, has continued to drive interest from companies such as MicroStrategy Incorporated, which believes a consistent accumulation at this time could imply massive price appreciation in the near future.
At the time of writing, Bitcoin is trading at $16,615.27, down 0.31% in the past 24 hours.