With Bitcoin up 5% in the last 24 hours, the crypto commodity has returned to the $58,000 level. If its price was steadily increasing, others doubted the asset’s dependability. Like Donald Trump’s former lawyer, Judy Shelton, who said that the commodity “is not a stable store of value,” as investors ultimately cash out Bitcoin into fiat currency.
Ex White House Director of Communications Anthony Scaramucci, on the other hand, questioned this same idea. The Founder of SkyBridge Capital reported in a recent interview with CNBC Squawk Box that Bitcoin’s market cap rose to $1 trillion “faster” than most companies. He contrasted the asset’s success to that of e-commerce behemoth Amazon, concluding that Bitcoin “primarily” performed better “because it’s decentralised.” He went on to say:
“You’re taking all that C-suite drama and all the politics associated with it away from it [Bitcoin]. It is a fully-scaling monetary network and a store of value. “
Scaramucci went on to say that, as compared to gold, Bitcoin is “better” in “a number of ways” if you “really study” the commodity. Reiterating a common maximalist statement, he said that cryptocurrency is “easier to store” and “can be moved about more quickly.”
Scaramucci previously expected a $100K goal for Bitcoin by the end of the year. However, he is not alone in his optimism, as Wall Street firms such as JPMorgan and Morgan Stanley have taken a more pro-BTC stance in recent weeks.
Indeed, Morgan Stanley financial advisors stated that digital assets are seen as an emerging investable asset class and that a “threshold for cryptocurrencies has been reached.”
Scaramucci, however, said that if Bitcoin truly scales and hits penetration thresholds of more than $1 billion, the situation would be “way less speculative.“
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