The founder of investment firm SkyBridge Capital says Bitcoin (BTC) isn’t yet a store of value today, but he imagines Wall Street’s “sales machine” will eventually promote the crypto king.
In a new interview on CNBC Squawk Box, Anthony Scaramucci say that it is too early to label the top crypto assets by market capitalization as a store of value.
“I don’t see Bitcoin today as a store of value. I still see it as an early technology.
Could it have retail value if there are over a billion wallets? Of course we can also look at it this way.
Is it a future retail value? Yes, but I think there are a lot of things going on with Bitcoin [its] regulatory headwinds.”
Scaramucci further says that fraudulent projects and scams related to digital assets, such as the recent Grimace Coin scheme, are taking 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 completely understand why the SEC (US Securities and Exchange Commission) wouldn’t like that. I just don’t want things like this to cloud some of the great things happening in the industry.
There are payment and rail systems on Bitcoin and other layer 1 technologies that will drive our economies forward.”
Last week Yahoo Finance reported that bad actors hacked McDonald’s Instagram account 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 their efforts to sell Bitcoin Exchange-Traded Funds (ETFs) to their customers.
“Wall Street is a sales machine and they haven’t even ramped up that sales machine yet.
But imagine tens of thousands of FAs (financial advisors) and RIAs (registered investment advisors) explaining to people that they need a position like this in their portfolio. So it’s coming.”
Bitcoin is priced at $64,274 at the time of writing, up slightly in the past 24 hours.
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