Bitcoin (CRYPTO:BTC) Bull and SkyBridge Capital founder Anthony Scaramucci says his company is investing heavily in Algorand (CRYPTO:ALGO) as he believes the cryptocurrency will replace many of his competing blockchains.
In a recent interview, he said that ALGO will challenge major competitors in the crypto industry, much like Alphabet Inc (NASDAQ:GOOGL) did in the early days of the internet.
“I have a quarter billion dollars in Algorand right now. I think Algorand will be the Google,” Scaramucci said.
Last month, he compared Algorand’s potential to push Ethereum up in market capitalization to the opportunity 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 big companies move to the tokenization side of the market and they start working in the world of DeFi, they will need something scalable like Algorand, secure like Algorand and ultimately decentralized, so they won’t. have to worry about the capricious inflation-deflation of what they use as a form of value exchange,” Scaramucci added.
He thinks Algorand is the future, and that’s going to require more and more people doing their due diligence and making the decision to go blockchain.
In December, during an interview, Scaramucci told CNBC that his funds held approximately $9 billion in assets, including $1.3 billion in crypto investments. Each fund has a 10% to 25% allocation to crypto.