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Anthony Scaramucci, founder of SkyBridge Capital, recently shared his thoughts on Bitcoin in an interview. According to him, Bitcoin is not yet a store of value today, but he can imagine that Wall Street may soon increase its efforts to promote this cryptocurrency.
The challenges surrounding Bitcoin!
Scaramucci explained that Bitcoin is still a technology in its early adoption phase. He pointed out that there would need to be more than a billion active wallets for Bitcoin to be considered a true store of value. Currently, he believes that regulatory obstacles and fraudulent projects are undermining Bitcoin’s legitimacy as a financial instrument. In addition, the U.S. Treasury Department has recently increased its efforts to eradicate the threats posed by cryptocurrencies, indicating potential risks to the U.S. financial system.
He also mentioned recent incidents, such as the Grimace Coin project siphoning off $700,000 from investors after hacking McDonald’s Instagram account. These incidents, in his opinion, tarnish the image of blockchain technology and its potential applications.
Does the key to BTC adoption lie in the hands of Wall Street?
Despite these challenges, Scaramucci remains optimistic about Bitcoin’s future. He predicts that Wall Street firms will soon begin selling Bitcoin-based exchange-traded funds (ETFs) to their clients. He envisions thousands of financial advisors and registered investment advisors explaining to their clients the importance of including BTC in their portfolios.
Scaramucci also highlighted the potential benefits of Bitcoin-based payment systems and Layer 1 technologies that could boost the global economy. He stressed that widespread adoption of Bitcoin on Wall Street could transform the market and significantly expand its use.
Although Bitcoin is not yet a store of value, according to Scaramucci, he sees a promising future with the increasing involvement of Wall Street. Regulatory challenges and fraud remain obstacles, but Bitcoin could become more integrated into the financial system. In addition, one expert predicts that Ethereum will surpass BTC in market capitalization by 2029, which adds an interesting dimension to the evolution of cryptocurrencies.
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World development and adaptation are the best forces to survive in this university future. Community Manager Crypto on the Basis, I am interested in everything related to the blockchain or which is derived from it. With the optics of sharing my experience and getting familiar with a domain I am passionate about, I feel that I need to read informative articles and make contracts on the spot.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be construed as investment advice. Do your own research before making any investment decisions.
