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Before Bitcoin can function as an inflation hedge, according to the CEO of Skybridge Capital, it needs to be much more widely used.
Although Bitcoin (BTC) remains a desirable asset, according to Anthony Scaramucci, CEO of Skybridge Capital, it has not yet attained the "wallet bandwidth" necessary to qualify as an inflation hedge.
He was stating something on Monday's Squawk Box on CNBC. Bitcoin is still too much of "an early adopter technical asset," according to the CEO of global investment management, and has to be held in around one billion wallets before it can start to function as a hedge against inflation.
“I don’t think you’re going to see Bitcoin as an inflation [hedge] until you get into the billion, billion-plus zone as it’s still an early adopter technical asset,” says the author.
Although the precise number of Bitcoin wallets worldwide is unknown, estimates put the figure at around 200 million.
Given its fixed number of 21 million coins, some hailed Bitcoin in its early years as a potential inflation hedge. This story has evolved, though, as more evidence has shown that Bitcoin and the stock market are becoming increasingly connected, according to a recent IMF analysis.
Scaramucci stated that he was still bullish on Bitcoin and the wider cryptocurrency industry, citing recent actions by BlackRock to introduce a new private spot Bitcoin trust with Coinbase as the custodian as evidence of the substantial institutional demand for the market leader.
According to Scaramucci, there are presently a ton of short bets in the markets, which might lead to tremendous people having “their faces ripped off when they least expect it.”
Steven Lubka, managing director of private clients at Swan Bitcoin, claimed that Bitcoin should still be seen as an inflation hedge in a recent interview with Cointelegraph.
While Lubka acknowledged that Bitcoin did not effectively serve as an inflationary hedge during this year’s global inflation events, he thinks that supply shocks primarily brought on this inflation as opposed to monetary expansion, which is where Bitcoin excels at acting as an inflationary hedge.
Bitcoin’s price is currently $21,406, down 69.01% from its all-time high of $69,045 on November 11 of last year, at the time of writing.
Meltem Demirors, chief strategy officer at Coinshare, said she anticipates that Bitcoin prices will remain stable throughout the third quarter as long as the price correlation between tech shares and cryptocurrencies persists in her appearance Squawk Box on Monday.