During a CNBC’s ‘Squawk Box’ interview on August 22, Anthony Scaramucci, CEO of Skybridge Capital, shared his views on BTC and said despite BTC being an attractive asset class, at present, it should not be considered as an “inflation hedge”.
Moreover, Scaramucci believes that top cryptocurrencies still has room to grow into mainstream adoption before acquiring the status of inflation hedge.
Scaramucci said to CNBC, “Bitcoin is still not a mature enough asset class to be considered as a potential inflation hedge.”
While his opinions are probably going to evoke a sharp response from across the Bitcoin community, according to the point of view of the top crypto not being “mature enough”, Scaramucci’s clarification rings a bell or two with regards to worldwide adoption.
Further, Scaramucci believes that before getting the position of the hedge, BTC needs to reach at least one billion wallets.
Skybridge CEO noted that presently benchmarket cryptocurrency “doesn’t have the wallet bandwidth” and it is at a stage of “an early adoption technical asset.”
Skybridge founder further talks about the overall crypto market, the most recent sell-off across major assets corresponding with the sharp move in the meme stock sector.
Notingly, Scaramucci recently explained the price movement of Bed, Bath & Beyond – a retail store stock that entered into the meme bandwagon to mirror the past performance of AMC Entertainment and GameStop.
According to the CEO of Skybridge Capital, the trades provided by these kinds of stocks are likely to be sustained, provided there is enough liquidity across the pocket of investors. During the bull market, these people “made a lot of cash,” which clearly describes the economy then.
Moreover, Scaramucci is confident that the market will recover towards the end of 2022 or early in 2023.