The Hedge fund manager, Anthony Scaramucci, said more companies should start to hold bitcoin as a flood of stimulus money in the United States is a “silent tax on American savers.” According to him, “A responsible CFO, or responsible treasurer, will have to think about other assets to hold as a potential store of value for their companies.”
The latest $1.9 trillion stimulus, which is pumped into the economy, is aiming to rescue struggling families and unemployed Americans. It is now representing 40% of more dollar flow in more than two centuries. According to the financier, it is eroding the value of the savings.
With the abundance of US dollars, it is theoretically pushing the value of the world’s reserve currency to the lower position. Scaramucci is saying that the reason he is going to be bullish on bitcoin is that it is a solution for the dilemma, which was faced by the middle and lower-income people who got affected by the end of the Bretton Woods Agreement in 1971.
It means that the digital coin may become the currency of the world unless the US dollar is getting digitized with no influence from politicians and policymakers. It needs to happen very soon, according to him.
His company came up with the launch of a bitcoin fund in December. Also, it has made a filing for a bitcoin ETF from the previous week. He is also expecting to add an Ethereum-based product in the coming future.
Scaramucci is saying that a $1 million price target for bitcoin is very likely going to take place. But he would rather stick to his earlier prediction with $100000, for now. He says he wanted to avoid any trouble with clients for declaring openly unconvincing predictions as “they’ve grown to think that I am nuts.”
The last trading of bitcoin was 1.2% higher with $54734 on Tuesday, and it is up with 85% year-to-date.