Anthony Scaramucci, founder and managing partner of Skybridge Capital, a global investment firm, has stated that Bitcoin (BTC) is not a reliable store of valueKnown for his support of BTC and his open financial analysis, Scaramucci has provided a reason for this belief.
Why Bitcoin is not enough as a store of value
In an exclusive interview On CNBC’s “Squawk Box,” Scaramucci explained that BTC is not a Store of value in the financial sector. His criticism focuses on the negative impact of the current regulatory framework of the crypto industry.
When asked about the Redirection between BTC and gold and what it reveals about the cryptocurrency itself and the market. In response, the Skybridge founder stated that he does not see Bitcoin as a store of value not yet established today, but an early-stage technology that is still in the introduction process.
He pointed out that many gold investors and enthusiasts BTC compared to goldnoting that BTC has been stagnant for two years, but gold has risen by over 30%. As a result, gold’s superior performance makes it a larger and more reliable store of value.
Scaramucci explained that Bitcoin could only be considered a reliable store of value if its Acceptance expanded to the point where there are over a billion active crypto wallets. Although he agreed that the pioneer cryptocurrency could be a future store of value, it does not currently have that status.
Scaramucci argued that current regulatory headwinds and the lack of appropriate framework in the industry undermines Bitcoin’s credibility as a store of value. He then went on to delve deeply into the value of BTC as a core technology, highlighting its successes and future potential.
The founder of Skybridge revealed that Bitcoin has integrated payment and rail systems into its technology, which could potentially advance the US economy. He noted that if the US spends $6-7 trillion annually on transactions and verification, BTC’s technology could significantly reduce these costs and potentially improve innovation and efficiency.
BTC could rise to $100,000
During the interview, Scaramucci predicted that Bitcoin could rise to $100,000reaching a new high. However, he noted that the cryptocurrency’s price increase took longer than expected due to regulatory hurdles. Market uncertainty and previous Fraud cases.
When asked whether the recent BTC price action is driven by Investing in Spot Bitcoin ETFs or institutional investors buying BTC, Scaramucci confirmed that spot Bitcoin ETFs have had a significant impact on the price of the cryptocurrency. He referred to earlier this year when the launch of spot Bitcoin ETFs caused BTC to rise to All-time high above 73,000 USD.
Before this price increase, the BTC price was around $30,000 in 2023 and even fell to around $17,000 in 2022. As a result, the founder of Skybridge stated that Spot Bitcoin ETFs are the most successful ETF launch in history.
Featured image created with Dall.E, chart from Tradingview.com
