Bitcoin Will Be Legal Tender in Many Latin American Countries – Anthony Scaramucci, the founder of investment management firm Skybridge Capital, believes that more governments will adopt bitcoin as legal cash.
In an interview with Marketwatch last week, he remarked, “I regard bitcoin in its current status as an early adopter technical asset.” The founder of Skybridge Capital went on to say:
I believe that, in the long run, many Latin American countries, not only El Salvador, will use bitcoin as legal cash.
In September of last year, El Salvador made bitcoin legal tender alongside the US dollar. In January, Salvadoran President Nayib Bukele projected that BTC would become legal cash in two more countries this year.
Meanwhile, Alex Hoeptner, the CEO of cryptocurrency derivatives trading platform Bitmex, stated in October of last year that bitcoin will be accepted as legal cash in five nations by the end of this year.
Scaramucci just reaffirmed his prediction of a $100K bitcoin price. He also predicts that in the long run, the cryptocurrency might reach $500,000.00 per coin.
Furthermore, by the end of 2025, he predicts more than a billion wallets will hold bitcoin, with 2.5 to 3 billion BTC users in the coming decade. According to the founder of Skybridge Capital: “when it gets there, I believe we can have a discussion about whether it functions as an inflation hedge or not.”
Scaramucci has stated multiple times recently that he does not believe bitcoin is a viable inflation hedge at this moment. Among investors and fund managers, the question of whether bitcoin is a decent inflation hedge has been a hot topic.
“Bitcoin has not been very appealing as an inflation hedge,” Bank of America noted in March of last year. Bitcoin, not gold, according to Goldman Sachs, is an alternate inflation hedge to copper. Bitcoin was formerly referred to as “the retail inflation hedge” by the investment bank.
In October, global investment firm JPMorgan declared that bitcoin is the new inflation hedge, adding that institutional investors were abandoning gold in favor of bitcoin, believing it to be a stronger inflation hedge.