{"id":499682,"date":"2022-08-23T15:00:54","date_gmt":"2022-08-23T15:00:54","guid":{"rendered":"https:\/\/ktsl888.com\/?p=499682"},"modified":"2024-06-11T08:09:38","modified_gmt":"2024-06-11T08:09:38","slug":"when-will-bitcoin-become-an-inflation-hedge-scaramucci-explains","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/when-will-bitcoin-become-an-inflation-hedge-scaramucci-explains\/","title":{"rendered":"When Will Bitcoin Become An Inflation Hedge? Scaramucci Explains"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Many investors picked interest in Bitcoin, believing it could be a hedge against inflation. According to an analyst at D.A Davidson, Chris Brendler, BTC could become a hedge because it is decentralized and not a product of a central bank. These opinions and expectations led many people to accumulate large quantities of BTC coins.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">But the recent price fluctuations and speculations in the market are seemingly overpowering BTC&#8217;s underlying value. Now that inflation is causing havoc in economies, many investors are disappointed that Bitcoin couldn&#8217;t serve as a hedge as expected.\u00a0<\/span><\/p>\n<p style=\"text-align: center\"><strong>Related Reading: <a href=\"https:\/\/ktsl888.com\/analysis\/bitcoin-cash-bch-sparks-light-of-hope-can-it-rally-to-200-resistance\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Cash BCH Sparks Light Of Hope, Can It Rally To $200 Resistance?<\/a><\/strong><\/p>\n<p><span style=\"font-weight: 400\">But a top Bitcoin supporter, Anthony Scarramucci, the founder of SkyBridge Capital, believes that BTC hasn&#8217;t reached the stage of hedging against inflation. According to the investment company founder, Bitcoin will get that status when BTC wallets hit 1 billion.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">But to reach that level, Bitcoin must be adopted worldwide. Scaramucci believes that if giant institutions such as BlackRock introduce products related to BTC, people will know that institutional demand for crypto is growing. As such, BTC will achieve mass adoption.\u00a0<\/span><\/p>\n<h2><b>Using Bitcoin as a Hedge now is not appropriate<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Many investors seem disappointed that Bitcoin became even more volatile during this economic turmoil. But during an <\/span><a href=\"https:\/\/twitter.com\/SquawkCNBC\/status\/84293378?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E84293378%7Ctwgr%5E474f2f2c5e159e9b2473b92b6c3c4f79eeff643e%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fbitcoin-won-t-hedge-inflation-until-it-hits-1b-wallets-scaramucci\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">interview,<\/span><\/a><span style=\"font-weight: 400\"> Scaramucci advises against investing in BTC to preserve wealth now. According to him, BTC is not yet matured for that unless the wallets reach 1 billion worldwide.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">During his interview, Scaramucci disclosed that he started his BTC investment journey when the wallets were 80 million; currently, the number has grown to 300 million. He also stated that Bitcoin is still growing, requiring time to fix the volatility issue and become a worthwhile investment option.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Recall that on June 14, Scaramucci mentioned that the crypto winter is like the DotCom bubble of the 2000s. In his statements then, Scaramucci pointed out that the incident made companies such as eBay and Amazon the market leaders in their field after surviving the bubble burst.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Therefore, the one-time White House Director of Communications believes that the ongoing bear market trend will do the same for BTC after flushing out the meaningless projects.\u00a0\u00a0<\/span><\/p>\n<figure id=\"attachment_499700\" aria-describedby=\"caption-attachment-499700\" style=\"width: 547px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\" wp-image-499700\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/08\/BTCUSD_2022-08-23_18-30-31.png?resize=547%2C307\" alt=\"BTCUSD_\" width=\"547\" height=\"307\"><figcaption id=\"caption-attachment-499700\" class=\"wp-caption-text\">Bitcoin&#8217;s price is hovering above $21,000. | Source: BTCUSD price chart from <a href=\"https:\/\/www.tradingview.com\/chart\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<h2><b>Coinbase CEO Pointed To Increase in Market Cap<\/b><\/h2>\n<p><span style=\"font-weight: 400\">In June, Brian Armstrong pointed out that BTC is not yet ready to serve as a hedge against inflation. According to the CEO, the total BTC market cap should increase 5 to 10 times its value before qualifying.<\/span><\/p>\n<p style=\"text-align: center\"><strong>Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/ethereum-price-lost-20-weekly-whats-the-key-support-now\/\" target=\"_blank\" rel=\"noopener \">Ethereum Price Lost 20% Weekly, What\u2019s The Key Support Now?<\/a><\/strong><\/p>\n<p><span style=\"font-weight: 400\">Data shows that the <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Bitcoin market cap<\/span><\/a><span style=\"font-weight: 400\"> then was $1.1 trillion, but now the figure stands at <\/span><span style=\"font-weight: 400\">$408,700,229,851.23. Comparing Bitcoin to Gold, currently serving as a hedge against inflation, the former still has a long way to go. The gold market cap stands at $11.557 trillion, and BTC is below that level by far.\u00a0<\/span><\/p>\n<pre style=\"text-align: center\">Featured image from Pixabay and chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Many investors picked interest in Bitcoin, believing it could be a hedge against inflation. According to an analyst at D.A Davidson, Chris Brendler, BTC could become a hedge because it is decentralized and not a product of a central bank. These opinions and expectations led many people to accumulate large quantities of BTC coins.\u00a0 But the recent price fluctuations and speculations in the market are seemingly overpowering BTC&#8217;s underlying value. Now that inflation is causing havoc in economies, many investors are disappointed that Bitcoin couldn&#8217;t serve as a hedge as expected.\u00a0 Related Reading: Bitcoin Cash BCH Sparks Light Of Hope, Can It Rally To $200 Resistance? But a top Bitcoin supporter, Anthony Scarramucci, the founder of SkyBridge Capital, believes that BTC hasn&#8217;t reached the stage of hedging against inflation. According to the investment company founder, Bitcoin will get that status when BTC wallets hit 1 billion.\u00a0 But to reach that level, Bitcoin must be adopted worldwide. Scaramucci believes that if giant institutions such as BlackRock introduce products related to BTC, people will know that institutional demand for crypto is growing. As such, BTC will achieve mass adoption.\u00a0 Using Bitcoin as a Hedge now is not appropriate Many investors seem disappointed that Bitcoin became even more volatile during this economic turmoil. But during an interview, Scaramucci advises against investing in BTC to preserve wealth now. According to him, BTC is not yet matured for that unless the wallets reach 1 billion worldwide.\u00a0 During his interview, Scaramucci disclosed that he started his BTC investment journey when the wallets were 80 million; currently, the number has grown to 300 million. He also stated that Bitcoin is still growing, requiring time to fix the volatility issue and become a worthwhile investment option.\u00a0 Recall that on June 14, Scaramucci mentioned that the crypto winter is like the DotCom bubble of the 2000s. In his statements then, Scaramucci pointed out that the incident made companies such as eBay and Amazon the market leaders in their field after surviving the bubble burst. Therefore, the one-time White House Director of Communications believes that the ongoing bear market trend will do the same for BTC after flushing out the meaningless projects.\u00a0\u00a0 Coinbase CEO Pointed To Increase in Market Cap In June, Brian Armstrong pointed out that BTC is not yet ready to serve as a hedge against inflation. According to the CEO, the total BTC market cap should increase 5 to 10 times its value before qualifying. Related Reading: Ethereum Price Lost 20% Weekly, What\u2019s The Key Support Now? Data shows that the Bitcoin market cap then was $1.1 trillion, but now the figure stands at $408,700,229,851.23. Comparing Bitcoin to Gold, currently serving as a hedge against inflation, the former still has a long way to go. The gold market cap stands at $11.557 trillion, and BTC is below that level by far.\u00a0 Featured image from Pixabay and chart from TradingView.com<\/p>\n","protected":false},"author":568,"featured_media":499699,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,678,1119,1144,1558],"class_list":["post-499682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-prediction","tag-btc","tag-btcusd","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>When Bitcoin Will Become An Inflation Hedge? 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With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. 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