Bitcoin doesn’t need to become a major currency to prosper: SkyBridge’s Scaramucci

Bitcoin doesn’t need to become a widely-used payment form to succeed and could prosper solely as a store of value, SkyBridge Capital founder Anthony Scaramucci said on Wednesday.

Designed as a payment method, bitcoin is still of little use for commerce. Tesla Inc said on Wednesday that customers can now pay for its electric vehicles in the cryptocurrency.

In an interview at Reuters Digital Assets Week 2021, Scaramucci said  “For bitcoin to be successful … it doesn’t have to become the global currency.”

The former White House communications director said that bitcoin could just be a store of value, and later one can transfer bitcoin into the various currencies that they want to transact in.

Earlier this year, a bitcoin fund with $310 million was launched by Scaramucci’s SkyBridge in assets under management.

Bitcoin powered to an all-time high of nearly $62,000 this month, the latest achievement in a record rise was fuelled by bigger U.S. investors.

Still, Scaramucci said he was no bitcoin maximalist, referring to die-hard advocates of the cryptocurrency.

“I’m a bitcoin investor. I was once a bitcoin skeptic,” Scaramucci said.