Here’s How Many Wallets Is Needed For Bitcoin To Be An Inflation Hedge
We are at about 300 million wallets and Skybridge Capital’s Anthony Scaramuccci believes once we hit 1 billion, then Bitcoin will be considered an inflation hedge.
One of bitcoin’s main selling points has been the fact that its return has often put it ahead of the inflation rate. Due to this, it has gained notoriety as the “digital gold” as a good portion of the community put forward that the digital asset is a better inflation hedge than any asset. However, not every single proponent of bitcoin believes that bitcoin is an inflation hedge, at least not yet. One of those is the CEO of Skybridge Capital, Anthony Scaramuccci. Here’s what he thinks.
More Wallets Are Needed
Now, bitcoin has grown tremendously since being launched over a decade ago. It is why it is impressive that the digital asset is being compared to counterparts that have been around for much longer. One of those is gold, which has previously proven to be the inflation hedge of choice for investors.
However, with BTC’s increasing popularity, it has been able to register as a potential inflation hedge. But despite so many believing that the digital asset qualifies as a good inflation hedge, Anthony Scaramucci does not believe so, and it mainly comes down to the adoption of the cryptocurrency,
Scaramucci explained during an interview with CNBC’s Squawk Box that while bitcoin has the potential to be an inflation hedge, it is nowhere near being one. According to the CEO, it is because the number of BTC wallets is still lower than 1 billion.
Presently, there are about 300 million bitcoin wallets, but Scaramucci says that until BTC wallets are above the 1 billion mark, they cannot be considered an inflation hedge.