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Anthony Scaramucci Says Bitcoin Not a Store of Value Today, Sees Wall Street ‘Selling Machine’ Amping Up for BTC The founder of investment firm SkyBridge Capital says that Bitcoin (BTC) is not yet a store of value today but envisions Wall Street’s “selling machine” eventually promoting the crypto king. In a new interview on CNBC Squawk Box, Anthony Scaramucci says that it’s too early to brand the top crypto asset by market cap as a store of value. “I don’t see Bitcoin as a store of value today. I still see it as an early-adopting technology. Could it be a store value if there are over a billion wallets? Sure, we can look at it that way. Is it a future store value? Yes, but I just think you’ve had a lot of things going on with Bitcoin as it relates to [its] regulatory headwinds.” Scaramucci goes on to say that fraudulent projects and scams associated with digital assets, such as the recent Grimace ...

Despite the recent decline in NFT sales and transaction values, brands and public figures continue to invest in digital collectibles, recognizing their potential beyond mere novelty. For instance, while high-profile NFTs like CryptoPunk #5822 have seen a significant drop in value, the broader utility of NFTs remains a compelling draw for companies like Casio and personalities such as Caitlyn Jenner. Casio’s partnership with STEPN GO to create NFT sneakers exemplifies a strategic approach to digital assets. This collaboration highlights a growing trend among brands to leverage NFTs for their utility and engagement potential, rather than just as digital art. Casio’s initiative aligns with its innovation-driven strategy, catering to a tech-savvy audience and reinforcing its position at the forefront of digital innovation. Moreover, NFTs are increasingly being used to bridge the gap between digital and physical experiences. McDonald's Singapore's "Grimace NFT," which offers tangible rewards, is a prime example of how brands are using NFTs to foster customer loyalty and enhance the consumer experience. In niche markets and fandoms, NFTs are evolving into symbols of status and engagement. By focusing on utility, these digital assets are poised to maintain their relevance, adapting to future trends and sustaining consumer interest over time.

In a brazen attack, the official Instagram account of the global fast-food giant McDonald's was breached on August 21. The perpetrators leveraged the platform's reach, which boasts 5.1 million followers, to solicit investments in a fake cryptocurrency called Grimace. The hacker, known as India_X_kr3w, claimed to have defrauded $700,000 through this scam, causing significant unease among McDonald's followers. A blockchain analytics firm, Bubblemaps, discovered that over 75% of the Grimace token was controlled by the attacker through multiple addresses, indicating a classic pump-and-dump scheme. The market cap of Grimace skyrocketed to $25 million before crashing back down, highlighting the inherent instability and risk associated with such scams. While McDonald's has since regained control of their Instagram account, this incident serves as a stark reminder of the increasing threat of crypto-related attacks targeting mainstream social media platforms.

🦎A man who invested $150,000 in the GRIMACE meme token lost all his money. Later, he entered a random McDonald's and started demanding something from the cashier. A hamster is a hamster — what did he actually want to achieve from the cashier? 👍 - He did everything right 🤬 - Yeah, what a circus show