The founder of investment firm SkyBridge Capital says Bitcoin (BTC) is not yet a store of value, but he can imagine that Wall Street’s “sales machine” will eventually promote the crypto king.

In a new interview on CNBC Squawk Box, Anthony Scaramucci says it’s too early to call the largest crypto asset by market cap a store of value.

“I don’t see Bitcoin as a store of value today. I still see it as an early adopter technology.

Could it be a store of value if there are over a billion wallets? Sure, we can look at it that way.

Is it a future store of value? Yes, but I just think there’s been a lot going on with Bitcoin in terms of regulatory headwinds.”

Scaramucci further argues that fraudulent projects and scams related to digital assets, such as the recent Grimace Coin scheme, undermine the legitimacy of blockchain technology as a financial tool.

“I’m not a fan of the Grimace Coin thing. I can absolutely understand why the SEC (US Securities and Exchange Commission) doesn’t like it. I just don’t want things like that to tarnish the great things that are happening in the industry.

There are payment and rail systems based on Bitcoin and other Layer 1 technologies that will advance our economies.”

Last week, Yahoo Finance reported that malicious actors hacked McDonald’s Instagram account to promote the meme crypto asset Grimace Coin, swindling $700,000 from investors.

The entrepreneur goes on to say that Wall Street firms will eventually increase their efforts to sell Bitcoin exchange-traded funds (ETFs) to their clients.

“Wall Street is a selling machine, and they haven’t even started up that selling machine yet.

But imagine tens of thousands of FAs (financial advisors) and RIAs (registered investment advisors) telling people they need that kind of position in their portfolio. So that’s coming.”

At the time of writing, Bitcoin is trading at $64,274, up slightly over the past 24 hours.

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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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