{"id":681,"date":"2024-08-24T04:00:10","date_gmt":"2024-08-24T04:00:10","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=681"},"modified":"2024-08-24T04:00:10","modified_gmt":"2024-08-24T04:00:10","slug":"skybridge-capital-founder-says-bitcoin-is-not-a-store-of-value-heres-why","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=681","title":{"rendered":"Skybridge Capital Founder Says Bitcoin Is Not A Store Of Value, Here\u2019s Why"},"content":{"rendered":"

Anthony Scaramucci, Founder and Managing Partner at Skybridge Capital, a global investment firm, has asserted that Bitcoin (BTC) is not a reliable store of value<\/a>. Known for his support for BTC and candid financial analyses, Scaramucci has provided a reason for this belief.\u00a0<\/p>\n

Why Bitcoin Falls Short As A Store Of Value Claim<\/h2>\n

In an exclusive interview<\/a> on CNBC\u2019s Squawk Box, Scaramucci declared that BTC fails to qualify as a store of value<\/a> in the financial sector. His critique centers around the negative impact of the crypto industry\u2019s current regulatory framework.\u00a0\u00a0<\/p>\n

When questioned about the diversion between BTC and gold<\/a> and what it reveals about the cryptocurrency itself and the market, Responding, the Skybridge Founder stated that he does not view Bitcoin as a store of value <\/a>today, but an early-stage technology in the process of adoption.<\/p>\n

He pointed out that numerous gold investors and enthusiasts have consistently compared BTC with gold<\/a>, noting that while BTC has remained stagnant for two years, gold has risen over 30%. As a result, gold\u2019s superior performance makes it a greater and more reliable store of value.\u00a0<\/p>\n

Scaramucci disclosed that Bitcoin could only be considered a reliable store of value if its adoption expands<\/a> to the point where it has over a billion active crypto wallets. Although he agreed that the pioneer cryptocurrency could be a future store of value, but it does not hold that status presently.\u00a0<\/p>\n

Scaramucci argued that current regulatory headwinds<\/a> and lack of proper frameworks in the industry undermines Bitcoin\u2019s credibility as a store of value. Moving forward, he delved deep into BTC\u2019s value as a core technology, highlighting its achievements and future potential.\u00a0<\/p>\n

The Skybridge Founder revealed that Bitcoin has integrated payments and rail systems into its technology, potentially advancing the United States (US)\u00a0 economy. He noted that if the US were spending $6 trillion to $7 trillion annually on transactions and verifications, BTC\u2019s technology could significantly lower these costs, and possibly improve innovation and efficiency.\u00a0<\/p>\n

BTC Could Be Going To $100,000<\/h2>\n

During the interview, Scaramucci predicted that Bitcoin could climb to $100,000<\/a>, setting a new all time high. However, he noted that the cryptocurrency\u2019s price surge was taking longer than expected due to regulatory hurdles, market uncertainty<\/a> and previous fraud incidents<\/a>.\u00a0<\/p>\n

When asked if recent BTC price actions are driven more by investments in Spot Bitcoin ETFs <\/a>or institutional investors buying BTC, Scaramucci confirmed that Spot Bitcoin ETFs have had a significant impact on the price of the cryptocurrency. He referenced earlier this year,\u00a0 when the launch of Spot Bitcoin ETFs triggered BTC\u2019s rise to an all time high above $73,000<\/a>.\u00a0<\/p>\n

Before this price increase, BTC had been trading around $30,000 in 2023, and even dipped to about $17,000 some time in 2022. As a result, the Skybridge Founder proclaimed that Spot Bitcoin ETFs have achieved the most successful ETF launch<\/a> in history.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

Anthony Scaramucci, Founder and Managing Partner at Skybridge Capital, a global investment firm, has asserted that Bitcoin (BTC) is not a reliable store of value. Known for his support for BTC and candid financial analyses, Scaramucci has provided a reason for this belief.\u00a0 Why Bitcoin Falls Short As A Store Of Value Claim In an […]<\/p>\n","protected":false},"author":0,"featured_media":682,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/681"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=681"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/681\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/682"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}