Crypto

Anthony Scaramucci Says Bitcoin Not a Store of Value Today

The founder of investment firm SkyBridge Capital says that Bitcoin (BTC) is not yet a store of value today but envisions Wall Street’s “selling machine” eventually promoting the crypto king.Anthony Scaramucci Says Bitcoin Not a Store of Value Today

In a new interview on CNBC Squawk Box, Anthony Scaramucci says that it’s too early to brand the top crypto asset by market cap as a store of value.

Is it a future store value? Yes, but I just think you’ve had a lot of things going on with Bitcoin as it relates to [its] regulatory headwinds.”

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Scaramucci goes on to say that fraudulent projects and scams associated with digital assets, such as the recent Grimace Coin scheme, take 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 totally understand why the SEC (U.S. Securities and Exchange Commission) wouldn’t like that. I just want those types of things not to cloud some of the great things happening in the industry.Anthony Scaramucci Says Bitcoin Not a Store of Value Today

There’s payment and rail systems on Bitcoin and other layer-1 technologies that will advance our economies.”

Last week, Yahoo Finance reported that bad actors hacked the Instagram account of McDonald’s 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 efforts to sell Bitcoin exchange-traded funds (ETFs) to their clients.

“Wall Street is a selling machine and they haven’t even amped up that selling machine yet.

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But just imagine tens of thousands of FAs (financial advisors) and RIAs (registered investment advisors) out there explaining to people they need a position like this in their portfolio. So it’s coming.”

Bitcoin is $64,274 at time of writing, a slight increase during the last 24 hours.

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