With bitcoin rising 7% in the past 24 hours, the crypto asset has again returned to the $ 59,000 range. As the price gradually rises, some people question how reliable this asset is. Those who stated that the asset “is not a reliable store of value,” like Judy Shelton, former advisor to Donald Trump, stated that they eventually converted Bitcoin into cash.
However, former White House Communications Director Anthony Scaramucci challenged this idea. SkyBridge Capital’s Founder stated in a recent interview with CNBC Squawk Box that the market value of Bitcoin has risen to $ 1 trillion “faster” than other companies. He specifically compared the asset’s performance to e-commerce giant Amazon and believes that Bitcoin is doing better “primarily” because it is “decentralized”. He also noted that it is a fully scaled monetary network and a store of value.
Comparing existence to gold, Scaramucci stated that the asset is “in many ways” Bitcoin is “better” than yellow metal. Reiterating a popular maximalist argument, he said that the crypto is “easier to hide” and “you can move it faster.”
Scaramucci previously predicted a target of $ 100,000 for Bitcoin price before the end of the year. However, as Wall Street organizations such as JPMorgan and Morgan Stanley have taken a more pro-BTC approach over the past few weeks, it alone is not bullish.
Financial advisors at Morgan Stanley said digital assets are seen as an emerging investment class of assets and “the threshold has been reached.”
But amid speculation, Scaramucci added that when Bitcoin fully scales and reaches adoption levels in excess of $ 1 billion, the situation will be “much less speculative.”