SkyBridge Capital Founder – Algorand will be the Crypto of Google
Anthony Scaramucci, founder of SkyBridge Capital, believes Algorand (ALGO) will take on established players in the crypto market, much as Google made waves in the initial days of internet. Scaramucci said in a recent conversation with Digital Asset News that he is continuously buying ALGO because he believes it will eventually surpass several of its rivals.
“I currently have $250 million in Algorand. When we were children, we used AltaVista to browse the net. We used Lycos, America Online, and sometimes even Prodigy, if you recall. However, in 1998, this firm named Google appeared, and people were more like, ‘Why in the world do I have a need for that? I have all of these additional devices for internet connection,’ and afterwards people say, ‘Well, you see it’s quicker. It incorporates machine learning, and the approaches are increasingly prevalent. It’s likely to result in superior results,’ and as years passed, Google topped everyone, and I believe Algorand will follow suit.”
Algorand’s protocol is based on proof-of-stake (PoS) blockchain that allows developers to create financial services-related decentralized apps (dApps). The smart contract network is a competitor to Ethereum (ETH) that attempts to ramp up operations at a reduced cost.
“I believe that when large enterprises join the tokenization market and make progress in the sphere of DeFi (decentralized finance), they will require a blockchain scalable like Algorand, safe as Algorand, and overall decentralized, so they will not have any concerns regarding malevolent inflation-deflation of whatever they are using as a means of exchanging value. Algorand, I believe, is the future. It will just take an increasing number of individuals doing extensive due research and taking the action to adopt it.”
Scaramucci stated in a December interview with CNBC’s Halftime Report that Algorand has the capacity to outclass Ethereum, which is currently the top smart contract platform. While writing this article, ALGO was trading at $1.39.