For Michael Scaramucci, it would take more than a billion wallets holding cryptocurrencies to allow bitcoin to be a hedge against inflation.
Some see bitcoin as a way to fight inflation, much like gold, due to the number of bitcoins which is ultimately limited to 21 million tokens (19.12 million already mined currently, according to Coinmarketcap). But as we have seen, all of this is a little more complicated as it is a specific market: a great voice from Wall Street is trying to set the record straight.
Michael Scaramucci, does this name remind you of anything? The latter was director of communications for the White House in 2017 under Donald Trump. Since then, he has recycled himself well: he is the boss of the SkyBridge capital fund and is one of the most listened to voices in American finance, making the link between traditional finance and cryptocurrencies.
On Monday, he was interviewed on the American media CNBC about the role that cryptocurrencies and bitcoin in particular could have in terms of assets to counter inflation, when you have an investment portfolio.
200 million crypto wallets
Michael Scaramucci recognizes that bitcoin is a monetary asset and as such, it has all the qualities to take on the role of umbrella against inflation. With one detail: its generalization to the entire world population: there are not enough users and official recognition. Indeed, it is estimated that 200 million wallets contain bitcoin or cryptocurrencies.
“Until you hit a billion wallets and beyond, I don’t think you’ll see bitcoin as a [couverture] inflation, as it is still an early technical asset,” he said.
If the latter is to be believed, there is therefore still a long way to go before bitcoin can finally be recognized, worldwide, as a hedge against inflation.