Bitcoin (BTC-USD) shares are surging Monday, surpassing $67,000. SkyBridge Founder and Managing Partner Anthony Scaramucci joins Yahoo Finance Live to discuss why individuals should consider adding Bitcoin to their portfolios. Scaramucci says Bitcoin is "something people need to think about" as a long-term, "multiple-decade holding," comparing it to Berkshire Hathaway as a "value-store." He notes those not "doing the deep dive homework" on Bitcoin are missing out on its potential benefits. Driving the Bitcoin rally is "the limited supply" combined with "the wild amount of demand," Scaramucci explains. With only around 900 new coins mined daily, a number that halves periodically, Scaramucci says "there's simply not enough" Bitcoin to meet market appetite. While some are investing due to fear of missing out, Scaramucci believes "there's another segment" that understands Bitcoin's "network effects." As adoption grows, he sees it becoming "a form of digital gold," advising those caught up in the hype to simply "stay patient." Though volatile historically as "an early adopting technological asset," Scaramucci draws parallels to big tech stocks, noting "we saw Amazon lose 50% of its value eight times." On politics, Scaramucci argues a second Biden term with restored democratic norms would benefit Bitcoin investors, contrasting another Trump presidency who would likely "destroy the institutions of democracy." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Angel Smith
Just as the tech giant braces for a sweeping lawsuit from the Justice Department, it was hit with a $2 billion European Commission fine for allegedly breaking competition laws overseas.
The cloud region will enable customers to securely store content and run workloads while offering higher speed for its users. Amazon and its cloud competitors Google-parent Alphabet and Microsoft have said they will raise their investments, primarily for data centers, to support the growing adoption of artificial intelligence technologies. Amazon said customers in the region that use AWS to run workloads include Saudi Telecom Company SJSC, Seera Holding and Mobily, among others.