SkyBridge's Anthony Scaramucci Says BTC Needs 1B Users

For Bitcoin to become a genuine store of value and hedge against inflation, it needs at least one billion users, the SkyBridge founder said

Anthony Scaramucci, the founder of SkyBridge Capital and a well-known Bitcoin enthusiast, has recently shared his insights on the future of Bitcoin as a store of value and its role as an inflation hedge.

In a detailed X post, Scaramucci responded to queries that CNBC's Squawk Box Host Andrew Ross Sorkin raised regarding Bitcoin's stability and reliability during global unrest.

Increased Adoption Necessary Scaramucci argues that Bitcoin's current level of global adoption needs to be improved to serve effectively as an inflation hedge or a store of value.

He believes the cryptocurrency needs to reach 1 billion users by 2026 to achieve this status. Scaramucci thinks Bitcoin is still in its infancy, akin to the early stages of technological adoption in other fields.

"[Bitcoin] is still an early stage technical asset that will trade like other risk assets until [it] exceeds a billion users, which should happen by the end of 2026 if not sooner. It will [become an inflation hedge and store of value] as it scales."

Bitcoin's Inflation Hedge Role Debated Despite Bitcoin's volatile nature, Scaramucci highlights its performance compared to the US dollar, noting its significant appreciation over the past few years.

He challenges the notion that Bitcoin cannot be seen as an inflation hedge, although he concedes that the cryptocurrency is subject to volatility.

Historical Comparisons and Future Outlook In defending Bitcoin's potential, Scaramucci draws parallels between the cryptocurrency's current state and the early days of aviation, suggesting that early skepticism does not indicate future outcomes.

Another Bitcoin advocate echoes this optimism, Anthony Pompliano, who attributes recent price drops to typical market uncertainties and predicts a forthcoming recovery.

Pompliano Weighs in on Market Dynamics Anthony Pompliano, a prominent figure in the cryptocurrency space, provides additional context to Bitcoin's recent price movements. He points out the timing of tax season and its historical impact on Bitcoin's value, suggesting a temporary dip rather than a long-term trend.

As the discussion around Bitcoin's role in the financial ecosystem continues, figures like Scaramucci and Pompliano provide valuable insights into the cryptocurrency's evolving narrative.

With predictions of increased adoption and comparisons to historical technological advancements, the debate over Bitcoin's potential as a store of value and inflation hedge remains lively and complex.