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Skybridge Capital CEO Anthony Scaramucci believes Bitcoin remains an attractive asset but has not reached the necessary wallet bandwidth to be considered an inflation hedge.
said on CNBC’s Squawk Box on Aug. 22. The CEO of Global Investment Management said Bitcoin remains an “early adopter technology asset” and needs to be held in about 1 billion wallets before it can start acting as a hedge against inflation. . .
“I don’t think Bitcoin is inflationary until it hits the 1 billion, 1 billion+ zone [hedge] Because it is still an early adopter technology asset.
Although the exact number of Bitcoin wallets in the world is unknown, Estimate Let this number be about 200 million.
In the early days, Bitcoin was touted as a potential hedge against inflation given its fixed supply of 21 million coins. However, according to a new IMF report, this narrative has changed over time as Bitcoin is observed to be increasingly correlated with the stock market.
“#bitcoin “It’s not mature enough to be considered a potential inflation hedge.” @scaramucci upon $BTC“Bitcoin just doesn’t have wallet bandwidth. Bitcoin is still an early adopter technology asset.” pic.twitter.com/YTsy6W3HGU
Squawk Box (@SquawkCNBC) August 22, 2022
Scaramucci remains bullish on bitcoin and the cryptocurrency market at large, noting BlackRock’s recent move to launch a new private spot, Bitcoin Trust, with Coinbase as custodian. Stated.
Scaramucci believes the market is currently filled with a large number of short positions.
In a recent interview with Cointelegraph, Steven Lubka, managing director of Swan Bitcoin Private Clients, argued that Bitcoin should still be viewed as an inflation hedge.
Lubuka agreed that bitcoin did not act as an inflation hedge during this year’s global inflation event, but that inflation was largely driven by supply shocks rather than currency expansion. , believes that Bitcoin can hedge inflation more effectively.
Related: UK hits double-digit inflation for first time in 40 years
As of this writing, Bitcoin is currently at $21,406, down 69.01% from its November 11 high of $69,045 last year.
Coinshare Chief Strategy Officer Meltem Demirers also spoke at the Squawk Box on Monday, saying Bitcoin prices remained flat throughout the third quarter as price correlation between tech stocks and cryptocurrencies continues. He said he expected it to be
“When #bitcoin We’ve seen a lot of buying on the dip,” he says. @Meltdem“There’s a lot of enthusiasm internally, but #Crypt Community Over Merger…I Don’t Think There Will Be A Lot Of New Capital To Buy #ethereum About these changed fundamentals. pic.twitter.com/8KBiRHfT1f
Squawk Box (@SquawkCNBC) August 22, 2022
