Bitrabo Editorial
Anthony Scaramucci, the Founder of Skybridge Capital, challenges the notion that Bitcoin serves as a reliable store of value due to current regulatory challenges within the cryptocurrency market.
The Challenges Faced by Bitcoin as a Store of Value
Scaramucci expressed his view on CNBC’s Squawk Box, emphasizing that Bitcoin falls short as a store of value primarily because of regulatory hurdles in the industry.
He highlighted the comparison between Bitcoin and gold, pointing out that while gold’s value has risen significantly over the past two years, Bitcoin has remained relatively stagnant. This discrepancy undermines Bitcoin’s credibility as an effective store of value.
Scaramucci suggested that for Bitcoin to become a reliable store of value, it would need widespread adoption, with over a billion active crypto wallets. He acknowledged the potential for Bitcoin to evolve into a store of value in the future but emphasized that it does not hold that status currently.
Furthermore, he raised concerns about the lack of a comprehensive regulatory framework in the industry, which hinders Bitcoin’s potential to establish itself as a reliable store of value.
Scaramucci also highlighted Bitcoin’s technological advancements, particularly its integration of payment and rail systems, which could have a transformative impact on the US economy by reducing transaction costs and fostering innovation.
Predictions for Bitcoin’s Price
Scaramucci forecasted that Bitcoin could reach $100,000, marking a new all-time high, but acknowledged that regulatory challenges, market uncertainty, and previous fraud incidents were impeding its price surge.
He attributed the recent price movements of Bitcoin to the influence of Spot Bitcoin ETF investments, noting that the launch of Spot Bitcoin ETFs earlier in the year propelled Bitcoin to an all-time high above $73,000.
Scaramucci highlighted the significant impact of Spot Bitcoin ETFs on Bitcoin’s price trajectory, citing the successful launch as one of the most notable in ETF history.