Despite being a vocal proponent of bitcoin, Anthony Scaramucci, the founder of the financial firm SkyBridge Capital, does not think the biggest cryptocurrency has yet attained the stature of a hedge against inflation. He believes that this will occur once there are one billion Bitcoin wallets.
In an interview with CNBC, Scaramucci claimed that, for now, it is not a good idea to use bitcoin investments to protect wealth from inflation. He believes that once the asset reaches one billion wallets globally, it will be “mature enough” and have these features.
Bitcoin still waiting for mass adoption: Scaramucci
The former White House official also believed that if major organizations like BlackRock create products related to Bitcoin, it will become a matter of mass adoption. He acknowledged joining the BTC ecosystem when there were just 80 million wallets, whereas there are now over 300 million.
The main digital asset is still in its early stages, and just like any other innovation, it requires time to conquer its volatility and establish itself as a preferred investment option, according to Scaramucci, reiterating some of his earlier remarks.
He recently compared the current crypto winter to the 2000s DotCom bubble. The latter shut down a lot of pointless ventures, but some, like Amazon and eBay, survived the crash and are now industry giants. According to Scaramucci, the industry-wide bear market for digital assets will have a similar impact, and bitcoin will unquestionably come out on top in the end.
Scaramucci, who temporarily held the position of White House Director of Communications during the administration of Donald Trump, believes that a major institution might considerably increase the level of acceptance of bitcoin. He stated:
“People are not paying close attention to what BlackRock is doing. If Larry Fink and his team are setting up a product related to BTC that is telling you that there is institutional demand out there… I think this is a huge thing that has not been expounded upon as much as it should be.”
A few days back, Scaramucci displayed his Bitcoin price prediction and said that BTC would reach $300,000 soon.
Original Source: https://thecoinrise.com/heres-what-scaramucci-believes-of-the-position-of-bitcoin-in-the-financial-world/
Author : Anisha Pandey