SkyBridge Capital founder Anthony Scaramucci claims that Algorand (ALGO) will challenge leading competitors in the crypto industry just like Google did in the early days of the internet.
In one of his recent interviews, Scaramucci says he invested heavily in ALGO because he thought it would replace many of its competitors.
“Right now I have a quarter of a billion dollars in Algorand. I think Algorand is going to be the Google of the crypto market. We used to go online using AltaVista when we were younger. We used Lycos, America Online. There was even Prodigy, if you remember. Then, in 1998, there was a company called Google. it came out and people said, 'Why do I need this? I have all these other tools to access the internet' and then people realized that Google was faster. There's machine learning, algorithms are more common, etc. You already know what happened next. Google outstripped everybody. And the same will happen with Algorand."
Algorand is a proof-of-stake (PoS) based blockchain that enables developers to build decentralized applications (dApps) for financial services. Algorand's smart contract platform aims to accelerate transactions at a lower cost. Because of these features, Algorand is seen as an "Ethereum Killer" just like Solan and Avalanche.
Scaramucci predicts that corporate companies will become more interested in DeFi in the future.
“I think eventually when big companies move to the tokenization side of the market and start working in the world of DeFi (decentralized finance), they will need something scalable, secure and ultimately decentralized like Algorand. Algorand is the future for me. It's just that more and more people do in-depth due diligence and it He will have to make a choice.”
Scaramucci said in an interview with CNBC in December that Algorand could replace Ethereum, today's leading smart contract platform.