Bitcoin Bull Scaramucci Says This Is What Needs To Happen For The Apex Crypto To Become Inflation Hedge

Skybridge Capital CEO Anthony Scaramucci believes that it is still early days for the leading cryptocurrency Bitcoin BTC/USD.

What Happened: “I’ve said consistently on this show that Bitcoin is still not mature enough to be regarded as a potential inflation hedge. You just don’t have the wallet bandwidth in Bitcoin,” Scaramucci said in a recent interview with CNBC’s Squawk Box. 

Scaramucci said that he bought his first Bitcoin when there were around 80 million BTC wallets in existence.

“There’s probably 300 million wallets globally today. Until you get to the billion, billion-plus zone…I don’t think you’re going to see Bitcoin as an inflation hedge. It’s still an early adopting technical asset,” he said.

The SkyBridge Capital founder also pointed to BlackRock Inc’sBLK recent decision to offer a product that lets investors gain Bitcoin exposure as an important development to which the industry isn’t paying close enough attention.

“If Larry Fink and his team are setting up a product related to Bitcoin, that is telling you that there is institutional demand out there,” said Scaramucci.

In October, Scaramucci went on record to state that his $270 million personal Bitcoin purchase was worth over $1 billion. At the time, BTC was trading for over $62,000. Today, the cryptocurrency was trading at $21,300, losing 60% of its value since Scaramuci revealed how much his holdings were worth.

See Also: IS BITCOIN A GOOD INVESTMENT?