The CEO of SkyBridge Capital, Anthony Scaramucci, predicts that the total market capitalization of Bitcoin (BTC) could increase by more than 13 times from its current level. Scaramucci believes that with the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC), mainstream investors will enter the market, driving up BTC’s market cap.
In a recent CNBC interview, Scaramucci expressed his surprise if there is a sell-off after the approval of a spot Bitcoin ETF, as he believes there is significant market demand. He also stated that Wall Street’s involvement in Bitcoin will lead to the product being sold to their top investors.
Comparing Bitcoin to gold, Scaramucci said it could eventually reach a similar market capitalization. He mentioned that the SEC allowing Bitcoin in brokerage accounts is a significant development. The World Gold Council estimates that the total amount of gold mined throughout history is valued at around $12 trillion, while Bitcoin’s current market cap is nearly $893 million.
Scaramucci also believes that Bitcoin will benefit from the Federal Reserve’s plans to ease monetary policy. More liquidity in the markets would be positive for Bitcoin as it is considered a digital store of assets and a digital form of gold. The CEO expects this increased liquidity to attract more investments in Bitcoin.
Hot Take: Anthony Scaramucci Predicts Massive Growth in Bitcoin Market Cap
Anthony Scaramucci, CEO of SkyBridge Capital, has made a bold prediction about the future of Bitcoin’s market capitalization. He believes that with the potential approval of a spot Bitcoin ETF and mainstream investors entering the market, BTC’s total market cap could increase more than 13 times from its current level. Comparing Bitcoin to gold, Scaramucci sees the potential for Bitcoin to eventually reach a similar market capitalization. He also highlights the significance of the SEC allowing Bitcoin in brokerage accounts, as it opens up the asset to Wall Street investors. Scaramucci’s prediction is based on the belief that more liquidity in the markets, driven by easing monetary policy, will benefit Bitcoin and attract more investments.
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