SkyBridge Capital founder Anthony Scaramucci says that Algorand (ALGO) will challenge the top competitors in the crypto industry just like Google did in the early days of the Internet.
In a new interview with Digital Asset News, Scaramucci said that he is investing heavily in ALGO because he thinks it will displace many of its competitors.
“I have a quarter of a billion dollars in Algorand right now. I think Algorand will be Google.
You and I, when we were kids, we logged onto the Internet with AltaVista. We used Lycos, America Online — even Prodigy, if you can remember. Then, and behold, in 1998, this company was called Google and people were like, ‘Why do I need it? I have all these other tools to get on the internet, and then people say, “Well, you know, it’s faster. It has machine learning, more common algorithms. It’s going to lead to better results, ‘and hey, Google has outperformed everyone, and I think that’s going to happen with Algorand. “
Algorand is a proof-of-stake blockchain that allows developers to build decentralized applications (dApps) for financial services. The smart contract platform is an Ethereum (ETH) challenger that aims to speed up transactions with lower costs.
“I think eventually when the big businesses get into the tokenization side of the market and they start working in the DeFi (decentralized finance) world, they’ll need something scalable like Algorand, as secure as Algorand and ultimately decentralized, so they won’t have to worry about erratic inflation-deflation of what they’re using as a form of exchange value.
Algorand for me is the future. It will require more and more people to do in-depth research and make the decision to choose it. “
In an interview on CNBC’s Mid-Time Report in December, Scaramucci said that Algorand has the ability to unmask Ethereum, the leading smart contract platform today.
At the time of writing, ALGO is trading at $1.38.
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