- Anthony Scaramucci says bitcoin needs to reach a billion wallets to start as an inflation hedge.
- However, he is optimistic on the crypto markets, and is predicting a recovery later this year.
- Scaramucci also says that the meme stock situation is due to people holding a ton of cash since last year.
Anthony Scaramucci, CEO of Skybridge Capital, says that despite bitcoin’s continued attractiveness as an asset class, it is not at a level where it “can be regarded as an inflation hedge.”
Scaramucci channeled emotions during a Interview With CNBC’squawk box‘ on Monday.
Bitcoin as an inflation hedge… not now
On bitcoin, Scaramucci thinks there is still room for mainstream adoption for the leading crypto before hitting that button of claiming inflation hedge status.
,Bitcoin is still not a mature enough asset to be considered a potential inflation hedge‘ he told CNBC.
While his sentiment is likely to elicit a sharp reaction from the bitcoin community, not being “mature enough” especially from the perspective of the leading crypto, Scaramucci’s explanation rings a bell or two in terms of global adoption.
He believes that the BTC network needs to grow to at least one billion wallets in order to reach the point where it is now considered a hedge.
For now, the benchmark cryptocurrency”[doesn’t] wallet bandwidth is“It is currently in that stage of “an early adopter of a technical asset,” he added.
crypto market and meme stock craze
The Skybridge Capital founder also spoke about the overall crypto market, with the latest selloff in key assets coinciding with a sharp move in the meme stock sector.
In particular, he referred to the recent volatile price movement of Bed, Bath & Beyond — the retail store whose stock has joined the meme bandwagon to reflect the past performances of GameStop and AMC Entertainment.
According to him, the trades seen with these stocks are likely to continue, as there is still a lot of liquidity in the pockets of the investors. They believe that these people”made a ton of cash“During the bull market, and helped with the easy cash that characterized the economy of the time.
Elsewhere, he is bullish on the prospects of a market recovery in late 2022 and early next year. The signs are bouncing around amidst some good news that could happen in the next few months.
And he thinks that potential people with massive short positions can be easily caught in a bullish rally and “ripped apart,