Anthony Scaramucci Believes Bitcoin Requires a Billion Users to Serve as a Store of Value and Inflation Hedge

By Aaron Feuerstein April 20, 2024 In Bitcoin, Market Analysis
  • Anthony Scaramucci views Bitcoin as akin to the early internet days, expecting it won’t stabilise as a value store until it surpasses a billion users.
  • He highlights Bitcoin’s ongoing volatility and its perception as a high-risk investment but remains optimistic about significant future price increases.
  • Scaramucci refutes the notion that Bitcoin lacks cash flow, likening its potential to gold and pointing to yield opportunities on digital asset platforms.

Speaking to CNBC, SkyBridge Capital’s Anthony Scaramucci said he views Bitcoin from a long-term perspective, emphasising its position on an adoption curve similar to the early days of the internet around 1999.

He believes Bitcoin will not become a reliable inflation hedge or store of value until it surpasses a billion users:

And so, my point is you won’t see this be an inflation hedge or a store of value as other pundits are saying, until you get over a billion users.

Anthony Scaramucci

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Currently, he acknowledges the number one cryptocurrency’s volatility and its perception as a risky investment, which will continue until it reaches broader adoption. 


Scaramucci also notes that external shocks could still impact Bitcoin’s price significantly, but he remains optimistic about its future price potential, citing strong demand from ETFs and the growing interest from financial sectors like 401(k) markets.

But long term with the halving coming this week, I think this thing trades to $170k, possibly $200k and that’s consistent with where it’s been over the 15 years of Bitcoin.

Anthony Scaramucci

Bitcoin Doesn’t Have Cash Flows? Well It Sort of Has Says Scaramucci

Given the long-term outlook, the SkyBridge Capital founder said if you are prepared to hold Bitcoin over a long period you should be fine.

Over a rolling four-year period of time, no one has ever lost money in Bitcoin. But if you want to hold the asset for let’s say five years, I think you do very, very well in the asset.

Anthony Scaramucci

When one CNBC co-host interjected that Bitcoin has no cash flow, Scaramucci replied:

It doesn’t have cash flow. Gold doesn’t have cash flow. But it does have cash flow in a weird way because if you treat it like cash – cash can offer you a yield in the bank.

Anthony Scaramucci

Scaramucci points to the yield you can earn with your digital assets such as Bitcoin on platforms like Galaxy Digital.

Scaramucci: “Skepticism Is Well Founded. I Started Out As A Skeptic”

Scaramucci says being a sceptic when it comes to Bitcoin is fine, that’s how he – and probably most – started out.  

But it’s important to understand Bitcoin’s proposition: immutability, decentralisation, and scalability. He argues that these features, free from central bank manipulation, position Bitcoin for substantial growth.

The only box that doesn’t check is central Bank manipulation, which I think makes it way more powerful.

Anthony Scaramucci

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Scaramucci predicts Bitcoin might reach or exceed gold’s market cap, currently around US$16 trillion (AU$25 trillion). He shakes off concerns over a potential lack of impact of US ETF owners on price and market cap:

I disagree because over time the acceptance regulatorily is going to allow people to put it in the portfolio. A 1% position in these global portfolios takes it there.

Anthony Scaramucci

Aaron Feuerstein

Aaron Feuerstein

Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.

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