According to SkyBridge Capital CEO Anthony Scaramucci, bitcoin cannot yet act as an asset to hedge inflation because acceptance of the first cryptocurrency is not enough.

During an appearance on CNBC’s Squawk Box program, Anthony Scaramucci stressed that bitcoin has not yet “matured enough” to be considered a full-fledged hedging asset.

The capitalization of the first cryptocurrency is now at $411 billion, which is certainly not enough to hedge the inflation of the world’s major economies.

“Until the number of Bitcoin wallets reaches a billion, I don’t think you can use bitcoin as a hedging asset – it’s just an early stage technical asset. You just don’t have enough bandwidth,” Scaramucci said.

Indeed, the number of wallets of the first cryptocurrency is estimated at 200 million. Bitcoin is often called digital gold, but, as the CEO of SkyBridge Capital emphasized, its capitalization is too small for it to become a real competitor to gold.

At the same time, Scaramucci is positive about the future of the cryptocurrency market. He noted that a significant number of “short” positions are open now, but traders should be prepared for losses. Most recently, Scaramucci said he is confident that bitcoin and other cryptocurrencies will rebound soon.

https://altcoin.ng/anthony-scaramucci-bitcoin-is-not-a-hedge-against-inflation/

I agree with him. The distribution of Bitcoin needs to be wide enough so that a few whales can no longer influence its price at their whim