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According to the CEOSkyBridge Capital Anthony Scaramucci, Bitcoin cannot yet act as an asset for hedging inflation, since the adoption of the first cryptocurrency is not enough.
During an appearance on Squawk BoxOn CNBC, Anthony Scaramucci emphasized 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, of course, is not enough to hedge the inflation of the world's major economies.
“So far the number of Bitcoin wallets is notreaches a billion, I don't think you can use Bitcoin as a hedging asset - it's just a technical asset in its early stages of development. You just don’t have enough bandwidth,” Scaramucci said.
Indeed, the number of wallets of the firstcryptocurrency is estimated at 200 million. Bitcoin is often called digital gold, however, as the CEO of SkyBridge Capital emphasized, its capitalization is too small for it to become a real competitor to the valuable metal.
At the same time, Scaramucci looks positively atthe future of the cryptocurrency market. He noted that a significant number of short positions are now open, but traders should prepare for losses. Most recently, Scaramucci said that he was confident that Bitcoin and other cryptocurrencies would soon recover.