The scale of bitcoin's introduction does not yet allow it to fully act as an inflation hedge and a means of saving. This opinion was expressed by Anthony Scaramucci, founder of SkyBridge Capital.
.@andrewrsorkin asked the correct question over the weekend: Why is Bitcoin down if it’s an inflation hedge and store of value? It’s important to remember that it’s neither of those at the current percentage of global adoption. It is still an early stage technical asset that…
— Anthony Scaramucci (@Scaramucci) April 16, 2024His post was an answer to the question raised by the host of Squawk Box on CNBC, Andrew Ross Sorkin, why the first cryptocurrency, to which supporters attribute these qualities, collapsed over the weekend amid an escalation in the Middle East.
"Bitcoin is still technically at an early stage and will be traded like other risky assets until the number of users exceeds one billion, which should happen by the end of 2026, if not earlier. As we scale, we will have both," Scaramucci said.
He also noted that since January 2022, the US dollar has lost 22% of its value, and digital gold has grown 3.5 times. For this reason, it is unfair to say that cryptocurrency "currently does not have certain qualities of insurance against inflation," the entrepreneur is sure.
"However, it is not stable," he admitted.
Scaramucci rejected the opinion of those who, given the 15 years of bitcoin's existence, believe that it can no longer be considered a new asset. He drew a parallel with the Wright brothers, who made the first flight in 1903, and a decade and a half later there were still critics who argued that aviation would not be commercially successful.
"It's worth holding a long position in bitcoin and being patient," Scaramucci concluded.
Recall that in January, the founder of SkyBridge predicted that in 2025 the price of the first cryptocurrency would exceed $ 170,000.