Anthony Scaramucci Predicts Bitcoin as a Store of Value by 2026

The current level of Bitcoin adoption does not yet allow it to fully serve as an inflation hedge and store of value, according to SkyBridge Capital founder Anthony Scaramucci.

.@andrewrsorkin asked the correct question over the weekend: Why is Bitcoin down if it’s an inflation hedge and store of value? It’s important to remember that it’s neither of those at the current percentage of global adoption. It is still an early stage technical asset that…

— Anthony Scaramucci (@Scaramucci) April 16, 2024

His post was a response to a question raised by CNBC Squawk Box host Andrew Ross Sorkin, who asked why the leading cryptocurrency, which supporters attribute with these qualities, plummeted over the weekend amid Middle East tensions.

“Bitcoin is still technically in its early stages and will trade like other risk assets until the number of users exceeds one billion, which should happen by the end of 2026, if not sooner. As it scales, it will become both,” Scaramucci stated.

He also noted that since January 2022, the US dollar has lost 22% of its value, while digital gold has increased 3.5 times. For this reason, it is unfair to claim that cryptocurrency “currently lacks certain qualities of an inflation hedge,” the entrepreneur asserted.

“However, it is not stable,” he admitted. 

Scaramucci dismissed the opinion of those who, considering Bitcoin’s 15-year existence, believe it can no longer be considered a new asset. He drew a parallel with the Wright brothers, who made the first flight in 1903, yet a decade and a half later, critics still claimed aviation would not be commercially successful.

“It’s worth holding a long position in Bitcoin and being patient,” Scaramucci concluded.

In January, the SkyBridge founder predicted that by 2025, the price of the leading cryptocurrency would exceed $170,000.