In this photo illustration, visual representations of the digital cryptocurrency, Bitcoin are arranged on January 4, in Katwijk, Netherlands.
Yuriko Nakao Getty Images Bitcoin soared on Wednesday to touch a fresh all-time high, as the cryptocurrency continued trading wildly. Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, also told CNBC's "Capital Connection" on Wednesday that his firm is "quite bullish" on bitcoin's store of new earnings of bitcoin and sees it "replacing" gold.
VIDEO Halftime Report Scaramucci, a former White House communications director, added that Democratic control of Congress would be "great" for cryptocurrencies due to expectations of "tremendous" money printing under a federal government controlled by the party. JPMorgan's strategists, however, said that bitcoin will need to become substantially less volatile before it can match gold in terms of market value.
The price of the cryptocurrency is known to go through wild swings. The U.
Dimon once called the cryptocurrency a "fraud. Bitcoin bulls have hailed the virtual currency as an inflation hedge similar to gold in the face of unprecedented government stimulus aimed at tackling the coronavirus pandemic.