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22 April 2024
Anthony Scaramucci: Bitcoin will become a store of value no later than 2026.

Anthony Scaramucci, the founder of SkyBridge Capital, expressed the opinion that currently, the adoption scale of Bitcoin is insufficient for it to fully serve as a tool against inflation and a store of value. This statement was made in response to a question from CNBC’s Andrew Ross Sorkin on the Squawk Box program about why Bitcoin, often described as such a tool, fell in price over the weekend due to the worsening situation in the Middle East.

Scaramucci noted that Bitcoin is still in the early stages of development and will be traded as a risky asset until the number of its users exceeds a billion, which, in his opinion, could happen by the end of 2026 or even earlier. He speculated that with the expansion of the cryptocurrency user base, its role as a hedge against inflation and a store of value will also increase.

Additionally, Scaramucci pointed out that since January 2022, the US dollar has lost 22% of its value, while the price of Bitcoin has grown 3.5 times. He claims that due to this dynamics, it is unfair to deny the possibility of using cryptocurrency as a hedge against inflation.

Furthermore, Scaramucci expressed dissatisfaction with those who believe that Bitcoin, which has existed for 15 years, cannot be considered a new asset. He drew an analogy with the Wright brothers, who made the first successful flight in 1903, but even a decade and a half later, there were critics in aviation who believed that it would not be commercially successful.

“Bitcoin is still technically in its early stages and will be traded, like other risky assets, until the number of users exceeds a billion, which should happen by the end of 2026, if not earlier. As it scales, both its adoption and role will expand,” Scaramucci stated.