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Scaramucci: Bitcoin will be legal tender in many more countries
Anthony Scaramucci is the founder of Skybridge Capital Investment Management. He expects that more countries will adopt bitcoin as legal tender.
In an interview with Marketwatch last Wednesday, he stated that bitcoin is in its current state as an early adopter technological asset. Skybridge Capital founder explains:
I believe that bitcoin will become a legal tender in many Latin American countries, not only El Salvador, but also other countries.
El Salvador adopted bitcoin last September as its legal tender along with the U.S. dollars. Nayib Bukele, the president of El Salvador, predicted that two additional countries would make Bitcoin legal tender in January.
In January, Nigel Green (CEO of Devere Group) also made a prediction. He predicted that three countries would adopt bitcoin this year as legal tender.
Alex Hoeptner (CEO of Bitmex), a cryptocurrency derivatives trading platform, stated in October that five countrieswill begin to accept bitcoin by the end this year.
Scaramucci recently increased his Bitcoin price prediction by $100K. He believes the crypto will eventually reach $500K per coin.
He also expects that more than a million bitcoin wallets will hold it by 2025 and that the number of BTC user to grow to 2.5 to 3 billion over the next decade. Skybridge Capital founder said:
Once it reaches that point, I believe we can have a discussion about whether it functions as an inflation hedge.
Scaramucci stated several times in recent weeks that bitcoin is not yet a hedge against inflation.
Investors and fund managers have been discussing whether bitcoin can be used as a hedge against inflation. Bank of America stated in March that bitcoin was not a good inflation hedge. Goldman Sachs, however, said in June that bitcoin is an alternate inflation hedge to gold. Bitcoin was previously called "the retail inflation hedge" by the investment bank.
Global investment bank JPMorgan stated in October that Bitcoin is the new inflation-hedging. It noted that institutional investors were buying bitcoin and deeming the cryptocurrency a better hedge against inflation.
