Bitcoin (BTC) is gradually losing the confidence of investors as a potent hedge against inflation. Previously often touted as a safe haven from the economic effects of macroeconomic conditions, Bitcoin appears to be falling short of this status of late. Amidst new realities, Anthony Scaramucci has noted that the asset has not yet attained the status of an effective inflation hedge.
Scaramucci thinks BTC is still too young to be an inflation hedge
Speaking on CNBC’s Squawk Box on Monday, SkyBridge Capital’s CEO Scaramucci discussed the current conditions of the crypto markets.
I’ve said consistently on this show that Bitcoin still is not a mature enough asset to be regarded as a potential inflation hedge,
Scaramucci said.
He noted that the asset has not yet grown enough to assume the position of a hedge against inflation. Scaramucci highlighted BTC’s current wallet bandwidth as the major reason behind his assertion. He revealed that the asset’s bandwidth was about 80 million wallets when he purchased his first BTC, per Glassnode. He further stated that at this point, there are probably 300 million wallets globally.
