The founder of Skybridge Capital has predicted that “bitcoin will be used by many Latin American countries as legal tender over time, not just El Salvador.” He recently doubled down on his $100K bitcoin price prediction but does not currently see the cryptocurrency as a hedge against inflation.
Scaramucci says Bitcoin will soon be legal tender in more countries
Anthony Scaramucci (founder of Skybridge Capital), hopes that bitcoin will become legal tender in more countries.
“I see bitcoin in its current status as an early adopting technological asset,” he said in an interview with Marketwatch last week. Skybridge Capital’s founder explained:
Bitcoin will become a legal tender in many Latin American countries, including El Salvador.
El Salvador made bitcoin legal tender in September 2013 alongside the U.S. dollars. Nayib Bukele (the Salvadoran president) predicted that BTC would be legal in two additional countries this year.
Nigel Green was also the CEO of Devere Group. Three countries would adopt Bitcoin as legal currency this year, he said.
Alex Hoeptner (CEO of Bitmex’s cryptocurrency derivatives trading platform Bitmex) stated in October that bitcoin will be accepted as legal tender in five countries by the end.
Scaramucci has recently increased his prediction for bitcoin’s price of $100K. Scaramucci also thinks that crypto may reach $500K per coin over the long-term.
He believes that by 2025 more than 1 billion people will have bitcoin in their wallets. The number of BTC users is expected to rise to 2.5 to 3 billion over the following decade. Skybridge Capital founder stated:
It will eventually reach maturity, and then we might have a chat about whether or not the asset can be used as an inflation hedge.
Scaramucci said many times that Bitcoin isn’t a good hedge against inflation.
Investors and managers have been discussing the topic of bitcoin as a hedge against inflation. In March last year, Bank of America said, “Bitcoin has not been particularly compelling as an inflation hedge.” In June, Goldman Sachs said that bitcoin is an alternative inflation hedge to copper, not gold. The investment bank previously described bitcoin as “the retail inflation hedge.”
Global investment bank JPMorgan stated in October that Bitcoin is the new inflation hedge. It noted that institutions were trading gold for bitcoin and that the cryptocurrency was a more effective hedge against inflation.
What number of countries will you believe adopt Bitcoin as legal currency this year? Comment below.
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