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Bitcoin Will Be Legal Tender in Many Latin American Countries – Featured Bitcoin News

Skybridge Capital Founder: Bitcoin Will Be Legal Tender in Many Latin American Countries

The founder of Skybridge Capital predicted that “bitcoin will be used by many countries in Latin America as legal tender over time, not just in El Salvador.” He recently doubled his bitcoin price prediction by $100,000, but does not currently view the cryptocurrency as an inflation hedge.

Bitcoin will be legal tender in many other countries, says Scaramucci

Founder of investment management firm Skybridge Capital, Anthony Scaramucci, expects more countries to adopt bitcoin as legal tender.

“I see bitcoin in its current status as an early adopter technology asset,” he said in an interview with Marketwatch last week. The founder of Skybridge Capital explained:

I think bitcoin will be used by many countries in Latin America as legal tender over time, not just in El Salvador, but in other countries.

El Salvador adopted bitcoin as legal tender alongside the US dollar in September last year. Salvadoran President Nayib Bukele predicted in January that two more countries would BTC legal tender this year.

Devere Group CEO Nigel Green also made a prediction in January. He said three countries will adopt bitcoin as legal tender this year.

Meanwhile, the CEO of cryptocurrency derivatives trading platform Bitmex, Alex Hoeptner, said in October last year that five countries would accept bitcoin as legal tender by the end of this year.

Scaramucci recently doubled his bitcoin price prediction by $100,000. He also thinks the crypto could reach $500,000 per coin in the long run.

Additionally, he expects more than one billion wallets to contain bitcoins by the end of 2025, and the number of BTC users to reach 2.5 to 3 billion over the next decade. The founder of Skybridge Capital said:

When it gets there, then I think as a mature asset we could have a conversation about whether or not it works as an inflation hedge.

Scaramucci has said several times recently that he does not yet view bitcoin as an inflation hedge.

The idea of ​​whether bitcoin is a good inflation hedge has been a hot topic among investors and fund managers. In March of last year, Bank of America said, “Bitcoin hasn’t been particularly compelling as an inflation hedge.” In June, Goldman Sachs said bitcoin was an alternative inflation hedge to copper, not gold. The investment bank previously described bitcoin as “the retail inflation hedge.”

In contrast, global investment bank JPMorgan said in October that bitcoin was the new inflation hedge, noting that institutional investors were dumping gold for bitcoin, seeing the cryptocurrency as a better hedge against inflation. inflation.

How many countries do you think will adopt bitcoin as legal tender this year? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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