Bitcoin Won’t Hedge Inflation Until It Crosses A Billion Wallets, Says Scaramucci

Anthony Scaramucci, the CEO of Skybridge Capital, is of the opinion that while BTC continues to be an attractive asset. However, as per him, it has not yet reached the “wallet bandwidth” that is needed for it to be considered an inflation hedge.

In a recent interview with CNBC Squawk Box, the chief executive officer of the global investment management firm that BTC was still too much of “an early adopting technical asset” which would require to be held in around a billion wallets before it would start to act as a hedge against inflation.

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.”

While the exact number of Bitcoin wallets in the world is unknown, estimates place this number at around two hundred million.

Scaramucci mentioned that he was still bullish on Bitcoin and the overall digital asset market pointing to recent moves from BlackRock to launch a new private spot BTC trust with Coinbase as the custodian — a sign that there is well defended institutionalized demand for the leading digital currency.

Furthermore, while speaking on Squawk Box, Coinshare’s chief strategy officer Meltem Demirors mentioned that she anticipates Bitcoin prices will continue to stay flat throughout the 3rd quarter as the price correlation between tech equities and digital currencies continues.