He expressed that while Bitcoin isn't currently a store of value, it has the potential to become one as it evolves.
Right now, he views Bitcoin as an early-stage technology rather than a secure asset, suggesting that it might be seen as a store of value in the future if it reaches over a billion users. However, he acknowledges that regulatory challenges continue to impact Bitcoin’s progress.
Scaramucci also highlighted the negative impact of scams and fraudulent projects, like the Grimace Coin scheme, which undermine the credibility of blockchain technology.
He understands why the U.S. Securities and Exchange Commission (SEC) is cautious about such projects, as they detract from the legitimate advancements in the industry, such as the development of payment systems on Bitcoin and other foundational technologies.
Last week, Yahoo Finance reported that scammers hacked McDonald’s Instagram account to promote Grimace Coin, leading to $700,000 in investor losses.
Looking ahead, Scaramucci believes that Wall Street firms will eventually increase their efforts to promote Bitcoin exchange-traded funds (ETFs). He anticipates that financial advisors will soon start recommending Bitcoin as a key part of investment portfolios, driven by Wall Street’s powerful selling strategies.
Bitcoin giant Strategy has added another 4,980 BTC to its reserves in a purchase worth approximately $531.9 million, according to Executive Chairman Michael Saylor.
According to renowned market veteran Peter Brandt, trading isn’t the path to prosperity for the vast majority of people.
Charles Edwards, founder and CEO of Capriole Investments, has offered a fresh perspective on Bitcoin’s stalled price movement near the $100,000 mark, despite growing institutional enthusiasm.
Metaplanet has expanded its Bitcoin treasury with a new acquisition of 1,005 BTC valued at approximately $108.1 million, further cementing its status as one of the largest corporate holders of the digital asset.