{"id":486997,"date":"2022-08-23T05:54:17","date_gmt":"2022-08-23T02:54:17","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-wont-hedge-inflation-until-it-hits-1b-wallets-scaramucci\/"},"modified":"2022-08-23T05:54:17","modified_gmt":"2022-08-23T02:54:17","slug":"bitcoin-wont-hedge-inflation-until-it-hits-1b-wallets-scaramucci","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-wont-hedge-inflation-until-it-hits-1b-wallets-scaramucci\/","title":{"rendered":"# Bitcoin won&#8217;t hedge inflation until it hits 1B wallets: Scaramucci"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3527e1d5d20\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3527e1d5d20\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-wont-hedge-inflation-until-it-hits-1b-wallets-scaramucci\/#%E2%80%9D_Bitcoin_wont_hedge_inflation_until_it_hits_1B_wallets_Scaramucci_%E2%80%9C\" >&#8221; Bitcoin won&#8217;t hedge inflation until it hits 1B wallets: Scaramucci &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_wont_hedge_inflation_until_it_hits_1B_wallets_Scaramucci_%E2%80%9C\"><\/span>&#8221; Bitcoin won&#8217;t hedge inflation until it hits 1B wallets: Scaramucci &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvNGJkNWIzOWItNzc4ZS00ZThhLWEwMzEtODE5YzNiNDY3YzAxLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>Skybridge Capital CEO Anthony Scaramucci believes that while Bitcoin continues to be an attractive asset, it has not reached the \u201cwallet bandwidth\u201d that is required for it to be considered an inflation hedge.\u00a0<\/p>\n<p>Speaking on CNBC\u2019s Squawk Box on Aug 22. the global investment management CEO said Bitcoin was still too much of \u201can early adopting technical asset\u201d which would need to be held in around a billion wallets before it would begin to act as a hedge against inflation.<\/p>\n<blockquote><p>\u201cUntil you get into the billion, billion-plus zone, I don\u2019t think you\u2019re going to see Bitcoin as an inflation [hedge] as it\u2019s still an early adopting technical asset.\u201d<\/p><\/blockquote>\n<p>While the exact number of Bitcoin wallets in the world is unknown, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/buybitcoinworldwide.com\/how-many-bitcoin-users\/\">estimates<\/a> place this number at <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately 200 million.<\/p>\n<p>In its earlier years, some touted Bitcoin as a potential hedge against inflation, given its fixed supply of 21 million coins.\u00a0This narrative has changed over time, however, as Bitcoin has been observed as being increasingly\u00a0correlated to the stock market, according to a new IMF report.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">&#8220;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> is still not a mature enough asset to be regarded as a potential inflation hedge,&#8221; says <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Scaramucci?ref_src=twsrc%5Etfw\">@scaramucci<\/a> on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a>. &#8220;You just don&#8217;t have the wallet bandwidth with Bitcoin. It&#8217;s still an early adopting technical asset.&#8221; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/YTsy6W3HGU\">pic.twitter.com\/YTsy6W3HGU<\/a><\/p>\n<p>\u2014 Squawk Box (@SquawkCNBC) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SquawkCNBC\/status\/1561703607384293378?ref_src=twsrc%5Etfw\">August 22, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Scaramucci said he was still bullish on Bitcoin and the overall crypto market pointing to recent moves from BlackRock to launch a new private spot Bitcoin trust with Coinbase as the custodian \u2014 a sign that there is strong institutionalized demand for the leading cryptocurrency.<\/p>\n<p>Scaramucci believes that the markets are currently filled with a ton of short positions, which could result in people getting \u201ctheir faces ripped off when they least expect it.<\/p>\n<p>In a recent interview with Cointelegraph, Steven Lubka, managing director of private clients at Swan Bitcoin argued that Bitcoin should still be considered an inflation hedge.<\/p>\n<p>While Lubka agreed that Bitcoin has failed to act as an inflationary hedge during the global inflation events this year, he believes that this inflation has been predominantly caused by supply shocks rather than monetary expansion \u2014 where Bitcoin is able to hedge against inflation more effectively. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>UK hits double-digit inflation for the first time in 40 years<\/em><\/strong><\/p>\n<p>As of the time of writing, Bitcoin\u2019s price is currently $21,406, down 69.01% from its all-time high of $69,045 on November 11 last year.<\/p>\n<p>Also speaking on \u2018Squawk Box\u2019 on Monday, Coinshare\u2019s chief strategy officer Meltem Demirors said she expects Bitcoin prices will continue to remain flat throughout the third quarter as the price correlation between tech equities and cryptocurrencies continues.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">&#8220;With <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> we&#8217;ve seen a lot of buying on dips,&#8221; says <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Melt_Dem?ref_src=twsrc%5Etfw\">@Melt_Dem<\/a>. &#8220;While internally there&#8217;s a lot of enthusiasm within the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#crypto<\/a> community around the merge&#8230; I don&#8217;t think there&#8217;s a lot of new capital coming in to buy <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Etherium?src=hash&amp;ref_src=twsrc%5Etfw\">#Etherium<\/a> on these changed fundamentals.&#8221; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/8KBiRHfT1f\">pic.twitter.com\/8KBiRHfT1f<\/a><\/p>\n<p>\u2014 Squawk Box (@SquawkCNBC) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SquawkCNBC\/status\/1561676162337742850?ref_src=twsrc%5Etfw\">August 22, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-won-t-hedge-inflation-until-it-hits-1b-wallets-scaramucci\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin won&#8217;t hedge inflation until it hits 1B wallets: Scaramucci &#8220; Skybridge Capital CEO Anthony Scaramucci believes that while Bitcoin continues to be an attractive asset, it has not reached the \u201cwallet bandwidth\u201d that is required for it to be considered an inflation hedge.\u00a0 Speaking on CNBC\u2019s Squawk Box on Aug 22. the global&#8230;<\/p>\n","protected":false},"author":1,"featured_media":486998,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvNGJkNWIzOWItNzc4ZS00ZThhLWEwMzEtODE5YzNiNDY3YzAxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,81951,74355,70551],"class_list":["post-486997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-analysis","tag-adoption","tag-inflation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/486997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=486997"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/486997\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/486998"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=486997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=486997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=486997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}