Scaramucci Predicts Demands Will Push Bitcoin Prices in the Days following the Halving
Anthony Scaramucci joins Bitcoin Investor Day, a conference attended by individual and institutional investors, to discuss the next inflection point for cryptocurrency and bitcoin. Scaramucci congratulates Anthony Pompliano, who hosts the conference, for making it accessible to everyone. He goes on to say that institutions are now comfortable with Bitcoin because of the SEC-approved ETF, which led to the current retail explosion in Bitcoin demand. The upcoming halving, which will reduce the number of new bitcoins added to the market by half, is expected to boost prices if the current pace of demand continues. However, Scaramucci points out that the grayscale has reduced by half in two months, and while institutions buy the ETF, some companies, such as Genesis and FTX, are trying to flood the market with their gbtc to get a price above $60.
Wealth Transfer and Bitcoin
During the conference, Mike Novogratz from Galaxy raised the issue of the great wealth transfer from Baby Boomers, which is expected to generate $84tn in wealth. Novogratz believes that Bitcoin will be absorbed into the python, with a considerable bump in Bitcoin demand coming within the next decade, leading to a $1m Bitcoin. Scaramucci supports this view, believing that Bitcoin could reach a 150% market share compared to gold, which has a $14tn market cap and could become the preferred asset for many investors if there is a hyper fiat currency inflation.
Bitcoin and the Election
Scaramucci notes that Elizabeth Warren’s team is asking other senators to make statements on her behalf, as she is unsure about the anti-crypto movement’s impact. The United States has approximately 45 million wallets, with many eligible voters that could play a role in the November election. Therefore, both pro-coiners and pro-crypto should weigh in to avoid a negative impact.
Central Bank Digital Currency
Regarding the Central Bank Digital Currency (CBDC), Scaramucci thinks former Secretary Mnuchin tabled the issue, and while Janet Yellen may do the same, he believes that the next Administration, likely to be the Biden Administration, would address it, depending on what competitors do. If there is a Euro digital currency or China’s digital currency, it will be impossible for the US not to have a digital currency, although Scaramucci prefers the concept of Circle, which is not a central bank digital currency as the latter brings about currency inflation.
Hot Take: Scaramucci’s Vision for Investing in Bitcoin
Scaramucci believes that Bitcoin will continue to increase in value and be the top-performing asset in the next decade. He advises investors to hold onto Bitcoin for at least four years since no one has lost money in a rolling four-year period. Scaramucci holds that the concentration of the Magnificent 7 stocks held by the S&P 500 could point to a near-term correction, advising investors to hold onto AI stocks for at least seven years and to keep an eye on the FED cutting rates and a strong economy.
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