Skybridge Capital Founder: Bitcoin Will Be Legal Tender in Many Latin American Countries

The founding father of Skybridge Capital has predicted that “bitcoin will likely be utilized by many Latin American nations as authorized tender over time, not simply El Salvador.” He just lately doubled down on his $100K bitcoin value prediction however doesn’t at present see the cryptocurrency as a hedge in opposition to inflation.

Bitcoin Will Be Legal Tender in Many More Countries, Says Scaramucci

The founding father of funding administration agency Skybridge Capital, Anthony Scaramucci, expects extra nations to undertake bitcoin as authorized tender.

“I see bitcoin in its present standing as an early adopting technological asset,” he mentioned in an interview with Marketwatch final week. The Skybridge Capital founder elaborated:

I feel bitcoin will likely be utilized by many Latin American nations as authorized tender over time, not simply El Salvador, however different nations.

El Salvador adopted bitcoin as authorized tender alongside the U.S. greenback in September final 12 months. The Salvadoran president, Nayib Bukele, predicted in January that two more countries will make BTC authorized tender this 12 months.

The CEO of Devere Group, Nigel Green, additionally made a prediction in January. He mentioned three countries will undertake bitcoin as authorized tender this 12 months.

Meanwhile, the CEO of cryptocurrency derivatives buying and selling platform Bitmex, Alex Hoeptner, mentioned in October final 12 months that five countries will settle for bitcoin as authorized tender by the top of this 12 months.

Scaramucci just lately doubled down on his bitcoin price prediction of $100K. He additionally believes that the crypto may attain $500K a coin in the long term.

In addition, he expects greater than a billion wallets to carry bitcoin by the top of 2025, and the variety of BTC customers to achieve 2.5 to three billion within the subsequent decade. The Skybridge Capital founder opined:

When it will get there, then I feel as a mature asset, we may have a dialog about whether or not or not it operates as an inflation hedge.

Scaramucci has mentioned a number of instances just lately that he doesn’t see bitcoin as a hedge in opposition to inflation but.

The concept of whether or not bitcoin is an efficient hedge in opposition to inflation has been a sizzling matter amongst traders and fund managers. In March final 12 months, Bank of America mentioned, “Bitcoin has not been notably compelling as an inflation hedge.” In June, Goldman Sachs mentioned that bitcoin is an alternative inflation hedge to copper, not gold. The funding financial institution beforehand described bitcoin as “the retail inflation hedge.”

In distinction, international funding financial institution JPMorgan mentioned in October that bitcoin is the brand new inflation hedge, noting that institutional traders have been dumping gold for bitcoin, seeing the cryptocurrency as a greater hedge in opposition to inflation.

How many nations do you assume will undertake bitcoin as authorized tender this 12 months? Let us know within the feedback part under.