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Skybridge Capital Founder Says Bitcoin Is Not A Store Of Value, Here’s Why

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Anthony Scaramucci, founder and managing partner of SkyBridge Capital, a global investment firm, confirmed that Bitcoin (BTC) is not a reliable store of value.Scaramucci is known for his support of Bitcoin and outspoken financial analysis, and he has provided a reason for this belief.

Why is Bitcoin not a store of value?

Exclusively interview On CNBC’s Squawk Box, Scaramucci declared that BTC does not qualify as a cryptocurrency. store of value In the financial sector. His criticism centers on the negative impact of the current regulatory framework for the cryptocurrency industry.

When asked about Convert Bitcoin to Gold What it reveals about the cryptocurrency itself and the market, in response, the founder of Skybridge stated that he does not see Bitcoin as a store of value Today, however, it is a technology that is at an early stage in the adoption process.

He pointed out that many investors and gold enthusiasts have always been Bitcoin vs Gold ComparisonThe report noted that while Bitcoin has been stagnant for two years, gold has risen by more than 30% in value. As a result, gold’s outperformance makes it a larger and more reliable store of value.

Scaramucci revealed that Bitcoin can only be considered a reliable store of value if it is Adoption expansion To the point where there are more than a billion active cryptocurrency wallets. While he agreed that the leading cryptocurrency could be a store of value in the future, it does not currently have that status.

Scaramucci claimed that the current Regulatory Headwinds The lack of proper frameworks in the industry undermines Bitcoin’s credibility as a store of value. Ahead, we delve into the value of Bitcoin as a fundamental technology, highlighting its achievements and future potential.

The Skybridge founder revealed that Bitcoin has integrated payment systems and railways into its technology, which could advance the US economy. He noted that if the US spends $6-7 trillion annually on transactions and verification, BTC technology could significantly reduce those costs, and potentially improve innovation and efficiency.

Bitcoin price may reach $100k

During the interview, Scaramucci predicted that Bitcoin price may reach $100khitting an all-time high. However, he noted that the cryptocurrency’s price rally took longer than expected due to regulatory hurdles, Market uncertainty And the previous one Fraud Incidents.

When asked if Bitcoin’s recent price movements were driven more by Bitcoin ETF Investments Scaramucci, who has been among the institutional investors buying bitcoin, stressed that spot bitcoin ETFs have had a significant impact on the cryptocurrency’s price. He noted earlier this year, when the launch of spot bitcoin ETFs sent bitcoin to record highs. All time high above $73,000.

Prior to this price surge, Bitcoin was trading at around $30,000 in 2023, and even dropped to around $17,000 at one point in 2022. As a result, the founder of Skybridge declared that spot Bitcoin ETFs have achieved the greatest success. ETF launch In history.

Bitcoin price chart from Tradingview.com
Bitcoin Rises Towards $64,000 | Source: BTCUSD on Tradingview.com

Featured image created using Dall.E, chart from Tradingview.com

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