Founder of the investment company SkyBridge Capital, Anthony Scaramucci does not believe Bitcoin has reached the status of a hedge against inflation yet. He believes this will happen once Bitcoin hits one billion wallets.
He opines in his recent interview with CNBC that investing in Bitcoin during the current inflationary period is not an ‘appropriate strategy’. He said, “Until you get into the billion, billion-plus zone, I don’t think you’re going to see Bitcoin as an inflation [hedge] as it’s still an early adopting technical asset.”
Scaramucci entered the Bitcoin ecosystem when there were only 80 million wallets. Currently, there are around 300 million wallets.
He believes the asset will become “mature enough” once it reaches one billion wallets globally.
Scaramucci stated that the asset is still in its ‘early days’, and it needs overtime to overcome its volatility and establish itself as a preferred investment choice.
He also states, “People are not paying close enough attention to what BlackRock is doing. If Larry Fink and his team are setting up a product related to bitcoin that is telling you that there is institutional demand out there… I think this is a huge thing that has not been expounded upon as much as it should be.”