Many investors picked interest in Bitcoin, believing it could be a hedge against inflation. According to an analyst at D.A Davidson, Chris Brendler, BTC could become a hedge because it is decentralized and not a product of a central bank. These opinions and expectations led many people to accumulate large quantities of BTC coins. But the recent price fluctuations and speculations in the market are seemingly overpowering BTC’s underlying value. Now that inflation is causing havoc in economies, many investors are disappointed that Bitcoin couldn’t serve as a hedge as expected. Related Reading: Bitcoin Cash BCH Sparks Light Of Hope, Can It Rally To $200 Resistance? But a top Bitcoin supporter, Anthony Scarramucci, the founder of SkyBridge Capital, believes that BTC hasn’t reached the stage of hedging against inflation. According to the investment company founder, Bitcoin will get that status when BTC wallets hit 1 billion. But to reach that level, Bitcoin must be adopted worldwide. Scaramucci believes that if giant institutions such as BlackRock introduce products related to BTC, people will know that institutional demand for crypto is growing. As such, BTC will achieve mass adoption. Using Bitcoin as a Hedge now is not appropriate Many investors seem disappointed that Bitcoin became even more volatile during this economic turmoil. But during an interview, Scaramucci advises against investing in BTC to preserve ...
