Anthony Scaramucci, founder of SkyBridge Capital, has pointed out an interesting trend regarding Bitcoin in the context of the current financial market. According to him, Bitcoin is showing a rare decoupling from tech stocks, particularly during times of stock market decline. This suggests that Bitcoin may be evolving into a true asset, akin to gold.
Scaramucci noted that when Bitcoin moves independently of highly volatile tech stocks, such as those in the MAG7 group (which includes major companies like Microsoft, Apple, Google, etc.), this will be an important sign of Bitcoin's maturation. He believes this shift will lead financial institutions, corporations, and governments to perceive Bitcoin as a more legitimate asset.
He also emphasized that the increase in the number of Bitcoin wallets from 300 million to 1 billion users in the future will help mitigate its price volatility, similar to what has happened with the stocks of major tech companies over the past two decades as ownership has become more widespread.
The current question about Bitcoin is whether it is merely an investment or truly a type of asset. If Bitcoin is viewed solely as an investment, it could be compared to the market capitalization of large stocks, but if recognized as a global asset, then Bitcoin could compete with gold, which is currently valued at about 22–23 trillion USD.
The ability for Bitcoin to evolve into a global asset and gain widespread acceptance will depend on changes in investor sentiment, as well as advancements in technology and regulatory frameworks related to cryptocurrency.
