Anthony Scaramucci, founder and managing partner of Skybridge Capital, a global investment firm, has stated that bitcoin (btc) is not a reliable store of valueScaramucci, known for his support of btc and candid financial analysis, has provided a reason for this belief.
Why bitcoin is not a good store of value
Exclusively bitcoin-as-a-store-of-value-today-says-skybridge-s-anthony-scaramucci.html” rel=”nofollow noopener” target=”_blank”>interview On CNBC's Squawk Box, Scaramucci stated that btc does not qualify as a store of value in the financial sector. Their criticism focuses on the negative impact of the current regulatory framework on the cryptocurrency industry.
When asked about the btc vs Gold Deviation and what it reveals about the cryptocurrency itself and the market, In response, the Skybridge founder claimed that he does not see bitcoin as a store of value Today, it is a technology that is in an early stage of the adoption process.
He noted that numerous investors and gold enthusiasts have… Comparing btc to Goldnoting that while btc has remained stagnant for two years, gold is up more than 30%. As a result, gold’s outperformance makes it a greater and more reliable store of value.
Scaramucci revealed that bitcoin could only be considered a reliable store of value if its Adoption expands To the point that it has over a billion active crypto wallets. Although he agreed that the pioneering cryptocurrency could be a future store of value, but it does not have that status at present.
Scaramucci argued that the current Regulatory headwinds Furthermore, the lack of proper frameworks in the industry undermines bitcoin’s credibility as a store of value. He further elaborated on the value of btc as a core technology, highlighting its achievements and future potential.
The founder of Skybridge revealed that bitcoin has integrated payment systems and railroads into its technology, which could advance the United States (US) economy. He noted that if the United States were to spend $6-7 trillion a year on transactions and verifications, btc technology could significantly reduce these costs and possibly improve innovation and efficiency.
btc could reach $100,000
During the interview, Scaramucci predicted that bitcoin-news/bitcoin-price-could-surge-200-100000/” rel=”nofollow noopener” target=”_blank”>bitcoin price could reach $100,000setting a new all-time high. However, he noted that the cryptocurrency's price rise was taking longer than expected due to regulatory hurdles, bitcoin-news/crypto-liquidations-1-billion-bitcoin-crashes-52000/” rel=”nofollow noopener” target=”_blank”>market uncertainty and previous fraud incidents.
When asked if btc's recent price actions are driven more by bitcoin Spot ETF Investments or institutional investors buying btc, Scaramucci confirmed that bitcoin spot ETFs have had a significant impact on the price of the cryptocurrency. He referenced earlier this year, when the launch of bitcoin spot ETFs triggered btc's surge to a All-time high above $73,000.
Prior to this price surge, btc was trading around $30,000 in 2023, and even dipped to around $17,000 sometime in 2022. As a result, the founder of Skybridge proclaimed that bitcoin spot ETFs have achieved the most success ETF Launch in history.
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