Anthony Scaramucci, the CEO of investment firm SkyBridge Capital, has expressed his bullish outlook on Bitcoin, predicting that the cryptocurrency could reach $100,000. During an interview with CNBC Television, Scaramucci highlighted the significant progress Bitcoin has made this year, particularly after the halving event. He noted that the industry, including himself, is pleased with Bitcoin’s performance, considering its price rise from the $30,000 range to the $60,000 range.
Scaramucci, a prominent advocate for cryptocurrencies, recalled the challenging period in the fall of 2022 when Bitcoin experienced a significant decline. He attributes the recent surge in demand and positive sentiment to the approval of Bitcoin ETFs earlier this year, which he believes has made investing in Bitcoin more accessible for institutional investors. He specifically highlighted the success of BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot Bitcoin ETF in terms of assets under management.
According to Scaramucci, ETF purchases account for 65% of Bitcoin’s price movement, while direct investor purchases contribute the remaining 35%. When asked about Bitcoin’s divergence from gold, Scaramucci stated that he doesn’t consider Bitcoin a traditional store of value asset at this stage. He views it as an emerging technology with the potential to evolve into a store of value asset in the future, especially if its adoption continues to grow. He emphasized that if Bitcoin were to achieve over a billion wallets, it could certainly become a store of value.
Despite the recent downward trend in Bitcoin’s price, attributed to recession fears and the unwinding of yen-carry trades, Scaramucci remains optimistic about its future. He also continues to advocate for bipartisan cryptocurrency regulation and believes that the U.S. government will implement such regulations by 2025.
It’s important to note that while Scaramucci is bullish on Bitcoin, he acknowledges that its price is subject to fluctuations and market forces. He also emphasizes that Bitcoin is not a guaranteed investment and carries inherent risks, as with any other asset class.
