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28 March 2024
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Billion-Dollar Hedge Fund Manager Says This Emerging Altcoin Could Flip Ethereum


Hedge fund manager Anthony Scaramucci says one Ethereum (ETH) competitor could become the Google of the cryptocurrency market.

In a new interview on CNBC’s Halftime Report, Scaramucci says the high speed and low carbon footprint of the smart contract platform Algorand (ALGO) will likely give it a big leg up on the competition.

Algorand is a payments-focused public blockchain that uses a type of consensus mechanism called the pure Proof-of-Stake (PPoS) that does not require participants to solve complex puzzles to validate blocks.

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The protocol allows Algorand to address the scalability issues of blockchain and process numerous transactions at a time without incurring high transaction fees.

Scaramucci explains why Skybridge just launched a $100 million fund to invest in the altcoin project.

“The Skybridge research department thinks that Algorand actually has the opportunity to potentially flip Ethereum: it’s faster, [has] lower transaction charges. It has a net negative carbon footprint.”

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Scaramucci compares Algorand to search engine giant, Google, which toppled numerous competitors in the early days of the internet.

“As that community develops, I think we’re sitting on something like Google.

You and I are old enough to remember when Alta Vista and AOL were the leaders at the nascent stages of the internet and they were trumped by Google,

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So something like Algorand is something we’re putting a lot of money and resources in.”

At time of writing, Algorand’s native token, ALGO, is trading at $1.87.

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