SkyBridge CEO Predicts Massive Bitcoin Growth
Anthony Scaramucci, the founder and CEO of SkyBridge Capital, anticipates a substantial surge in Bitcoin's (BTC) total market capitalization, projecting a potential increase of over 13 times its current level.
In a recent interview with CNBC, Scaramucci suggests that the entry of mainstream investors, especially following the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC), could bring BTC’s market cap on par with that of gold.
While acknowledging the possibility of a sell-off after a spot Bitcoin ETF approval, Scaramucci expresses surprise, emphasizing the significant market demand, potentially amounting to several billion dollars.
Having entered the cryptocurrency space in 2020, SkyBridge Capital holds a positive long-term view on Bitcoin, envisioning its market capitalization reaching or surpassing that of gold, albeit over a decade. Scaramucci underlines the promising outlook, particularly with the SEC’s approval enabling brokerage accounts to engage with Bitcoin. With Wall Street’s involvement, he expects the financial industry to actively promote the cryptocurrency to its top-tier investors.
READ MORE: Edward Snowden Condemns SEC’s Bitcoin ETF Mishap
Comparatively, Scaramucci draws attention to the World Gold Council’s estimation that the historical cumulative gold mined amounts to about 209,000 tonnes, valued at approximately $12 trillion, whereas Bitcoin’s current market cap stands at nearly $893 million.
Additionally, Scaramucci suggests that Bitcoin could benefit from the Federal Reserve’s plans to ease monetary policy. He sees increased market liquidity as advantageous for Bitcoin, as it is recognized by those studying it as a digital store of assets, akin to a digital form of gold. Anticipating positive effects on Bitcoin from a more lenient interest rate cycle, he envisions it gaining traction in various model portfolios as more liquidity becomes available in the markets.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
