Anthony Scaramucci: Bitcoin (BTC) Is Not a Store of Value Today, but Wall Street's 'Selling Machine' Will Eventually Promote the Crypto King
- PHPzOriginal
- 2024-08-26 06:00:19857browse
The founder of investment firm SkyBridge Capital says that Bitcoin (BTC) is not yet a store of value today but envisions Wall Street's "selling machine"
Anthony Scaramucci, founder of investment firm SkyBridge Capital, believes that Bitcoin (BTC) is not yet a store of value in today's market. However, he anticipates that Wall Street firms will eventually begin aggressively promoting the crypto king.
In an interview on CNBC Squawk Box, Scaramucci stated that it is premature to classify Bitcoin, the leading digital asset by market capitalization, as a store of value.
“I don’t see Bitcoin as a store of value today. I still see it as an early-adopting technology. Could it be a store value if there are over a billion wallets? Sure, we can look at it that way. Is it a future store value? Yes, but I just think you’ve had a lot of things going on with Bitcoin as it relates to [its] regulatory headwinds.”
According to Scaramucci, fraudulent ventures and scams linked with digital assets, such as the recent Grimace Coin scheme, detract from the legitimacy of blockchain technology as a financial instrument.
“The Grimace Coin thing is not something I'm a fan of. I have to totally understand why the SEC (U.S. Securities and Exchange Commission) wouldn't like that. I just want those types of things not to cloud some of the great things happening in the industry. There's payment and rail systems on Bitcoin and other layer-1 technologies that will advance our economies.”
Last week, Yahoo Finance reported that bad actors hacked into McDonald's Instagram account to promote the meme crypto asset Grimace Coin, ultimately swindling investors out of $700,000.
The entrepreneur went on to say that Wall Street firms will eventually step up their efforts to sell their clients Bitcoin exchange-traded funds (ETFs).
“Wall Street is a selling machine and they haven't even amped up that selling machine yet. But just imagine tens of thousands of FAs (financial advisors) and RIAs (registered investment advisors) out there explaining to people they need a position like this in their portfolio. So it’s coming.”
At the time of writing, Bitcoin is valued at $64,274, having seen a slight uptick over the last 24 hours.
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