Skybridge Capital Founder Says Bitcoin Is Not A Store Of Value, Here’s Why
The post Skybridge Capital Founder Says Bitcoin Is Not A Store Of Value, Here’s Why appeared on BitcoinEthereumNews.com.
Anthony Scaramucci, Founder and Managing Partner at Skybridge Capital, a global investment firm, has asserted that Bitcoin (BTC) is not a reliable store of value. Known for his support for BTC and candid financial analyses, Scaramucci has provided a reason for this belief. Why Bitcoin Falls Short As A Store Of Value Claim In an exclusive interview on CNBC’s Squawk Box, Scaramucci declared that BTC fails to qualify as a store of value in the financial sector. His critique centers around the negative impact of the crypto industry’s current regulatory framework. When questioned about the diversion between BTC and gold and what it reveals about the cryptocurrency itself and the market, Responding, the Skybridge Founder stated that he does not view Bitcoin as a store of value today, but an early-stage technology in the process of adoption. He pointed out that numerous gold investors and enthusiasts have consistently compared BTC with gold, noting that while BTC has remained stagnant for two years, gold has risen over 30%. As a result, gold’s superior performance makes it a greater and more reliable store of value. Scaramucci disclosed that Bitcoin could only be considered a reliable store of value if its adoption expands to the point where it has over a billion active crypto wallets. Although he agreed that the pioneer cryptocurrency could be a future store of value, but it does not hold that status presently. Scaramucci argued that current regulatory headwinds and lack of proper frameworks in the industry undermines Bitcoin’s credibility as a store of value. Moving forward, he delved deep into BTC’s value as a core technology, highlighting its achievements and future potential. The Skybridge Founder revealed that Bitcoin has integrated payments and rail systems into its technology, potentially advancing the United States (US) economy. He noted that if…
Filed under: News - @ August 24, 2024 4:09 am