Bitcoin Can Do Well Solely as a Store of Value: Anthony Scaramucci
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Bitcoin Can Do Well Solely as a Store of Value: Anthony Scaramucci

March 25, 2021      Deepshikha Gupta

Anthony Scaramucci, founder SkyBridge Capital made a statement about the Bitcoin being a global currency. According to him, the first digital currency could do well solely as a store of value and doesn’t need to become a widely-used form of payment to succeed. 

Investors are interested in HODLing the digital gold but the intent to use the cryptocurrency in e-commerce is still knee-high. A major step by Tesla Inc said users can now pay for electric vehicles in Bitcoin. 

SkyBridge Founder Anthony Scaramucci Thinks of Bitcoin as a Store of Value

In an interview at Reuters Digital Assets Week 2021, Scaramucci said, “For bitcoin to be successful … it doesn’t have to become the global currency,” 

After which statement from the former White House communications director reads “It could just be a store of value, and then you end up transferring your bitcoin into the various currencies that you want to transact in.”

Expelled by former U.S. President Donald Trump in 2017 Scaramucci said- he was no Bitcoin maximalist, referring to die-hard advocates of cryptocurrency.

“I don’t believe that Jesus and Moses got together and had a baby, and the baby was bitcoin – that’s not me. I see the risks of bitcoin, it is a volatile asset,” he said.

“I’m a bitcoin investor. I was once a bitcoin skeptic.”

The Cryptocurrency has a Long Way to Go 

The former US administration had a “broad-based, negative” view on digital gold. One of the major threats is the dollar’s status as the de facto global reserve currency.

“The notion that somebody could dislodge the dollar would be painful for regulators, and its use as an economic policy tool, To be sure, bitcoin has a long way to go before it replaces dollar,” Scaramucci said

However, central banks are constantly looking into issuing their own digital cash. Aiming to counter the rise of public and privately-led cryptocurrencies globally.

According to Scaramucci, The U.S. monetary and fiscal stimulus programs also make it is an attractive hedge, against the erosion of the dollar’s value. 

This is also driving a high number of investments into alternative assets, like “non-fungible tokens” (NFTs). 

Scaramucci said, “Old fogies like me don’t know what (NFTs) are unless we talk to our 21-year-old kids,” he said. “That stuff is upon us. Don’t be an old fart, and get yourself educated and up to speed as quickly as possible.”

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#Bitcoin #NFT #Reuters Digital Assets Week 2021 #SkyBridge's Scaramucci #The Global Currency
Deepshikha Gupta
Deepshikha Gupta

A student from a technical background, Deepshikha found Bitcoin in 2020 and has been an evangelist ever since. A B.Tech turned into a full-time crypto-writer, she tries to bridge the gap that currently exists between the crypto world and people from non-technical backgrounds, through her simplistic yet effective form of writing. She finds that her writing for cryptocurrencies can redefine the way the audience interacts with the crypto space.