In a recent interview with Bloomberg, Skybridge Capital founder Anthony Scaramucci expressed his belief that Bitcoin has the potential to become a multi-trillion-dollar asset, regardless of the U.S. Securities and Exchange Commission’s decision on a spot Bitcoin exchange-traded fund (ETF). Scaramucci also shared his optimism that JPMorgan CEO Jamie Dimon will change his stance on Bitcoin as regulations in the industry evolve. Stressing that Bitcoin is a store of value asset and effectively digital gold, Scaramucci predicts that the cryptocurrency could reach $100,000 per coin and eventually become a $3.5 trillion to $4 trillion asset. He urges people to stay the course and continue to hold Bitcoin, highlighting its exponential growth and its ability to help the unbanked.
Scaramucci Sees Bitcoin as a Multi-Trillion-Dollar Asset
Skybridge Capital founder Anthony Scaramucci discussed a variety of topics in an interview with Bloomberg, expressing his optimistic views on Bitcoin. He believes that the exponential growth of wallets and adoption of Bitcoin globally will push prices higher into 2024. While he acknowledged the potential for delays or rejections of spot Bitcoin ETF approvals, Scaramucci emphasized that it wouldn’t matter much in the long run. He sees Bitcoin as a store of value asset, comparable to digital gold. With Bitcoin’s current market cap at $700 billion to $800 billion, Scaramucci believes it has significant room to grow if it gains the moniker of digital gold. He predicts that Bitcoin could trade at $100,000 a coin and eventually become a multi-trillion-dollar asset. Scaramucci recommends a buy and hold strategy for Bitcoin investors, urging them to be patient and stay the course.
Bitcoin ETF Approvals and Potential Delays
Scaramucci anticipates spot Bitcoin ETF approvals in the first or second week of January. However, he also acknowledges the possibility of delays or rejections, particularly due to the influence of SEC Chair Gensler. Despite the uncertainty surrounding the approval process, Scaramucci remains confident that the exponential growth of Bitcoin wallets and adoption globally will continue to drive its price higher into 2024. He believes that even if there are delays or rejections, it won’t hinder Bitcoin’s long-term potential as a multi-trillion-dollar asset.
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Bitcoin as a Store of Value Asset
According to Scaramucci, Bitcoin’s status as a store of value asset is comparable to that of digital gold. He emphasizes that Bitcoin’s market cap, currently estimated at $700 billion to $800 billion, has significant room for growth if it receives the same recognition as gold. Scaramucci believes that Bitcoin’s market cap could reach $10 trillion to $12 trillion, similar to gold’s market cap. He sees Bitcoin as a long-term investment strategy and recommends holders to stay the course.
Bitcoin’s Market Cap and Potential Growth
Scaramucci predicts that Bitcoin has the potential to become a multi-trillion-dollar asset. He compares Bitcoin’s current market cap of $700 billion to $800 billion to that of gold, which is around $10 trillion to $12 trillion. If Bitcoin gains the reputation of digital gold, he believes it can reach a market cap similar to that of gold. Scaramucci’s bold prediction aligns with the projections of other notable figures in the industry, such as venture capitalist Tim Draper and Ark CEO Cathie Wood, who believe that Bitcoin’s price could reach $250,000 to $500,000 per coin. Although Scaramucci acknowledges that the journey may come with volatility, he encourages holders to be patient and stay invested.
Scaramucci’s Bitcoin Price Prediction
Scaramucci has previously predicted that Bitcoin could trade at $100,000 per coin. He stands by this prediction and believes that it will eventually come to fruition. However, he emphasizes that Bitcoin’s value goes beyond short-term price predictions. Scaramucci sees Bitcoin as a long-term investment and recommends that holders adopt a buy and hold strategy. He encourages investors to focus on Bitcoin’s potential as a multi-trillion-dollar asset rather than getting caught up in day-to-day market fluctuations.
Recommendation for Holders
Scaramucci’s recommendation for Bitcoin holders is straightforward: hold onto your Bitcoin. He believes that Bitcoin’s growth potential as a multi-trillion-dollar asset makes it a valuable long-term investment. Despite the volatility that may come with the journey, Scaramucci advises holders to be patient and stay invested. He compares Bitcoin’s current market cap to that of gold, highlighting the possibility of its market cap reaching $10 trillion to $12 trillion. Scaramucci’s strategy aligns with the belief that Bitcoin’s value lies in its long-term prospects, rather than short-term price fluctuations.
Scaramucci: Jamie Dimon Will Change His Tune, Elizabeth Warren Should Do Homework on Bitcoin
Scaramucci also commented on the recent remarks made by JPMorgan CEO Jamie Dimon regarding Bitcoin and crypto. Dimon had stated that he would shut down Bitcoin and crypto if he were the government, citing concerns over criminal use cases. Scaramucci acknowledges Dimon’s concerns but believes that Dimon’s position may change as the regulatory environment evolves. He highlights the decentralized nature of Bitcoin, stating that shutting it down would be impossible due to its network structure. Scaramucci acknowledges that Dimon’s perspective is influenced by the regulatory pressure on his traditional financial services company. He also criticizes Elizabeth Warren for her negative views on Bitcoin, urging her to do her homework on the subject. Scaramucci believes that Bitcoin is part of the future and emphasizes its potential to help the unbanked and drive progressive change in the financial services industry.