SkyBridge Capital Founder Expects Bitcoin ETF to Drive Price Higher
SkyBridge Capital founder Anthony Scaramucci believes that the launch of a Bitcoin exchange-traded fund (ETF) will act as a catalyst for driving the price of the cryptocurrency higher. He predicts that a spot Bitcoin ETF could be approved as early as the first quarter of next year, which would likely trigger a bull market.
According to Scaramucci, the approval of a Bitcoin ETF would result in Wall Street firms actively selling the product to their traditional investors, leading to increased capital inflows into digital assets. This, in turn, would have a positive effect on the altcoin market.
SkyBridge Capital founder Anthony Scaramucci
The BlackRock Effect
Scaramucci also highlighted that if major asset managers like BlackRock or Fidelity Investments receive approval for spot Bitcoin ETFs, it could further drive up BTC’s price. BlackRock, with over $10 trillion in assets under management, has been exploring the cryptocurrency space and considering offering bitcoin-related investments to its clients.
In 2018, BlackRock formed a task force to study the cryptocurrency market and blockchain technology. The company has plans to provide digital asset trading services through its Aladdin portfolio management system, indicating its recognition of the growing importance of digital assets.
Hot Take: BlackRock’s Entry Could Boost Mainstream Adoption
If BlackRock enters the cryptocurrency market, it could have significant implications for mainstream adoption and acceptance of cryptocurrencies like Bitcoin. As one of the most influential players in finance, BlackRock’s involvement would likely increase confidence and attract more institutional investors to the crypto space.
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