FX.co ★ Anthony Scaramucci: more companies should be holding bitcoin

Anthony Scaramucci, a former White House communications director and now the head of the SkyBridge hedge fund, believes that more companies should be holding bitcoin because a flood of stimulus money in the US economy is growing at a rapid pace. This will inevitably lead to depreciation in the US dollar and other currencies in global markets. Therefore, to protect themselves from inflation risks, companies should buy bitcoin, the emission of which is limited. According to Scaramucci, bitcoin has the potential to standardize money again, and that will be beneficial to lower and middle class. Unless the US dollar is digitalized anytime soon, bitcoin could become the single global currency as it is not influenced by policymakers. The number of bitcoins will not change, which means that over time, when all of the tokens are mined and distributed, the cryptocurrency rate should stabilize. Then bitcoin will become much less volatile than it is today, and will be able to perform the functions of ordinary fiat money. So, it will be possible to keep your savings in bitcoins without inflation risks and pay for any goods and services. Scaramucci predicts that "digital gold" can grow up to $100,000 per token as soon as 2021. In fact, he admits that bitcoin can move much higher than that in the near future.

From our point of view, bitcoin has a certain potential to conquer the global market. However, no one can predict for sure that this will happen. Unfortunately, bitcoin, like any other cryptocurrency, can be considered a bubble since BTC is not supported or backed by anything, and, therefore, has no intrinsic value. Let's imagine that bitcoin has become the world's digital currency. What will happen to other cryptocurrencies then? They might also be used in settlements or for investment purposes. Fiat money will not disappear either, which means it will remain in the global financial system. Moreover, new tokens and blockchain-based technologies appear almost every day. If it goes like this, in a couple of years you will need to own the coins of this particular store to shop for groceries. Also, we should keep in mind that global central banks are actively exploring the possibilities of launching their digital currencies. For example, the digital version of the US dollar may appear in a few years. How will this huge number of digital currencies, fiat money, and tokens compete with each other? And does the world really need so many different ways of payment? So far, there is no certainty that at least one bitcoin will ever become stable and will be accepted for payment and settlements all over the world.

In general, bitcoin remains a fairly popular investment instrument, but no more than that. It still has to go through the crisis in 2021-2022. It is believed that a fast and full recovery of the world's key economies will lead to the outflow of investments from cryptocurrencies, and investors will resort to more traditional instruments. So, the fact that bitcoin is now at the top does not mean it will remain there next year. Moreover, we all know how fast and to what extent the bitcoin price may fall.