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” eventually promoting the crypto king.
In a new interview on CNBC Squawk Box, Anthony Scaramucci says that it’s too early to brand the top crypto asset by market cap 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.”
Scaramucci goes on to say that fraudulent projects and scams associated with digital assets, such as the recent Grimace Coin scheme, take away from the legitimacy of blockchain technology as a financial tool.
“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 the Instagram account of McDonald’s to promote the meme crypto asset Grimace Coin and drain $700,000 from investors.
The entrepreneur goes on to say that Wall Street firms will eventually ramp up efforts to sell Bitcoin exchange-traded funds (ETFs) to their clients.
“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.”
Bitcoin is $64,274 at time of writing, a slight increase during the last 24 hours.
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