In a recent interview with MarketWatch, SkyBridge Capital founder Scaramucci says that Bitcoin is likely to rally in the coming months as a result of macroeconomic outlooks improving.
The veteran investor expects U.S. inflation rates to restore within a year and also believes that the tensions in Eastern Europe will flatten over time and thereby have a limited impact on the global economy. Scaramucci said:
“I predict that these wars will not last that long because of the pain being inflicted in a society with that type of economic crippling…
It’s one thing to put on some mild sanctions here and there, but the West is basically dismantling the infrastructure and the wealth around Vladimir Putin and his inner circle. That is a very big step that the Western democracies are taking.”
Should the war continue, he continued, it will likely be “less disruptive” than we anticipate it to be.
“This could be an Afghanistan situation for Russia, where it goes on forever, but it will not create supply shocks once the free market system adjusts for it.”
According to the hedge fund investor, Bitcoin will be to benefit from the situation massively and expects more than a billion Bitcoin wallets by the end of 2025, with the top cryptocurrency making 100,000 in the next year.
“I see Bitcoin in its current status as an early adopting technological asset… I think Bitcoin will be used by many Latin American countries as legal tender over time, not just El Salvador, but other countries…
When it gets [to a billion wallets], then I think as a mature asset, we could have a conversation about whether or not it operates as an inflation hedge.”
On January 25, the former White House advisor had compared the top cryptocurrency’s price volatility to that of AMZN while pointing to its realized long-term profitability. He noted that Bitcoin is still an early adoption technology like Amazon.
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