• Thu. Feb 29th, 2024

Scaramucci Deems Bitcoin Cannot Deflect Against Inflation 

Deborah Brown

ByDeborah Brown

Aug 23, 2022

The inaugurator of Skybridge Capital, an investment company in the United States, Anthony Scaramucci, fails to deem Bitcoin a corrective agent of inflation, despite the ground the asset has covered. He claims that until Bitcoin attains a billion wallet users, it cannot put inflation to sleep in its wake. 

He believed that Bitcoin could become a widely adopted asset if top institutions like BlackRock, among others, provide services and products that encourage its usage.

Bitcoin cannot repel Inflation

Scaramucci notes in an interview with CNBC that Bitcoin has still not developed to the extent that it can become utilized as a store of wealth during inflation. For it to become a hedge, it must have accumulated at least one billion users everywhere. 

The Whitehouse official assents to join the ecosystem when it had only 80 million users. As of now, over 300 million wallets register as Bitcoin wallets. 

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He admits Bitcoin is still an infant model that requires time to grow. The primary pair should scale capriciousness over time to become an inflationary investment strategy. In the meantime, building projects around the ecosystem will foster its faster growth.

Recently, he reminisced how the DotCom Bubble crash in the 2000s cleared out projects with no real value and compared it to the latest crypto downcast, affirming that a bear market is the best season in the Crypto market when messy projects go down the drain. Similar to how Amazon and eBay outlived the collapse in the 2000s, Bitcoin would often live and even come out stronger. 

Scaramucci continues to express that big institutions can bolster further adoption of Bitcoin if they take it upon themselves to build projects or products that will facilitate wider usage of it. He said in a statement that people are ignoring BlackRock founder Larry Fink and his team doing much work to increase institutional demand for Bitcoin. 

Brian Armstrong Props the Anthony Bias

The CEO of Coinbase, during an interview two months back, gave a supporting perspective of Scaramucci’s view when he said that the total crypto market would have to multiply its capitalization by five or ten to gain such strength as would withstand inflation. At the time of his oration, the total crypto market cap amounted to $1.1 trillion, somewhere around where it is now.

One asset he considers Bitcoin has to follow after is gold standing at a market cap of $11 trillion. It is said to be able to deflect inflationary pressures. If Bitcoin can attain even nearly the same market cap as gold, it will be a solid investment in a period of inflation.

Regardless, cryptocurrency would always remain a regular investment go-to. Professionals advise only putting an amount of money a person can afford to lose in crypto to avoid falling victim to volatility. A less stressful way to go into crypto as an investor is to see it as long-term. And when there are fluctuations in the nearest future, the farther one could hold better days for an investment.

Deborah Brown

Deborah Brown

Deborah Brown is a skilled and experienced news writer recognized for her insightful reporting and captivating storytelling. With a dedication to accuracy and a knack for engaging readers, her articles provide a fresh and informed perspective on current events.

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