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Skybridge Capital founder Anthony Scaramucci firmly believes that bitcoin will be both an inflation hedge and a store of value as the cryptocurrency scales. He emphasized that bitcoin is “still an early stage technical asset that will trade like other risk assets until it exceeds a billion users.”
Skybridge Capital founder Anthony Scaramucci responded to concerns from some critics who argue that bitcoin is neither an inflation hedge nor a store of value, especially after the cryptocurrency’s recent decline during the Middle East conflict.
“It’s important to remember that it’s neither of those at the current percentage of global adoption,” he explained, emphasizing that bitcoin is “still an early stage technical asset that will trade like other risk assets until it exceeds a billion users which should happen by the end of 2026, if not sooner.” The Skybridge Capital founder stressed:
It will be both of those as it scales.
“Moreover, with the U.S. dollar losing 22% of its value since January 2020 and bitcoin going up in value since then, it would be unfair to suggest that bitcoin doesn’t currently have some inflation hedging features. It is however volatile,” he opined.
Noting that “there is a charge against bitcoin that it’s already 15 years old and so therefore it is no longer a new asset,” Scaramucci stressed: “I would like to remind people that the Wright brothers demonstrated flight in 1903. By 1918, there were still critics suggesting that there would be no commercial viability of flight.” He concluded:
It pays to be long this asset and patient.
Earlier this month, Scaramucci stated that the Bitcoin halving is not yet priced in and BTC has “a lot more” upside. He has also repeatedly stressed that it is still very early to buy bitcoin, expecting a “face-ripping rally” incoming. Earlier this year, he said that the price of the crypto should surpass $170K next year.
