Skybridge Capital Founder Says Bitcoin Is Not A Store Of Value, Here’s Why

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. 

Why
Bitcoin
Falls
Short
As
A
Store
Of
Value
Claim

In
an
exclusive

interview

on
CNBC’s
Squawk
Box,
Scaramucci
declared
that
BTC
fails
to
qualify
as
a

store
of
value

in
the
financial
sector.
His
critique
centers
around
the
negative
impact
of
the
crypto
industry’s
current
regulatory
framework.  

When
questioned
about
the

diversion
between
BTC
and
gold

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

today,
but
an
early-stage
technology
in
the
process
of
adoption.

He
pointed
out
that
numerous
gold
investors
and
enthusiasts
have
consistently

compared
BTC
with
gold,
noting
that
while
BTC
has
remained
stagnant
for
two
years,
gold
has
risen
over
30%.
As
a
result,
gold’s
superior
performance
makes
it
a
greater
and
more
reliable
store
of
value. 

Scaramucci
disclosed
that
Bitcoin
could
only
be
considered
a
reliable
store
of
value
if
its

adoption
expands

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. 

Scaramucci
argued
that
current

regulatory
headwinds

and
lack
of
proper
frameworks
in
the
industry
undermines
Bitcoin’s
credibility
as
a
store
of
value.
Moving
forward,
he
delved
deep
into
BTC’s
value
as
a
core
technology,
highlighting
its
achievements
and
future
potential. 

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

BTC
Could
Be
Going
To
$100,000

During
the
interview,
Scaramucci
predicted
that

Bitcoin
could
climb
to
$100,000,
setting
a
new
all
time
high.
However,
he
noted
that
the
cryptocurrency’s
price
surge
was
taking
longer
than
expected
due
to
regulatory
hurdles,

market
uncertainty

and
previous

fraud
incidents. 

When
asked
if
recent
BTC
price
actions
are
driven
more
by

investments
in
Spot
Bitcoin
ETFs

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, 
when
the
launch
of
Spot
Bitcoin
ETFs
triggered
BTC’s
rise
to
an

all
time
high
above
$73,000. 

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

in
history. 

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image
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