SkyBridge Capital’s Anthony Scaramucci remains bullish despite recent pullback from all-time highs of $74,000, driven by broad crypto selloff and launch of Spot Bitcoin ETF is maintained.
In an interview with CNBC, Scaramucci said Bitcoin saw rapid inflows of more than $10 billion in the first quarter alone, and that the gold ETF (GLD (NYSE:)) took a year to reach the same milestone. He emphasized that growth has outpaced growth.
“ETFs probably played a role in Bitcoin’s resurgence. I think we can agree on that. And when Wall Street gets a product like this, it becomes a selling machine and there’s a lot of demand for the product. will be produced.”
Scaramucci attributed Bitcoin’s resilience to several factors, including the halving mechanism, which reduces the number of new coins entering the system and ultimately drives up the price through scarcity. He remains skeptical of claims that the impact of the Bitcoin halving and ETF launch is fully priced in, instead suggesting that there is “more to come” for Bitcoin.
“Web 1 has a penetration rate of about 6% of the world’s population, which is the number for Web 1 around 1998, and it gives you an idea of the growth potential.”
Scaramucci discussed Bitcoin as a hedge against inflation and currency devaluation, saying that while he does not believe Bitcoin will become a global standard like gold, he does see it as a major digital store of value. Ta. He believes the flagship coin could reach half of gold’s market valuation, which means “we could see a 6x, 8x, 10x increase from here, but with a lot of volatility.” It is said that it shows.
Scaramucci addressed Bitcoin’s volatility and cyclicality by setting a conservative price target of $170,000 for Bitcoin in the current cycle. But he acknowledged the speculative nature of the market and the impact of waves of adoption and demand.
In the broader context of the crypto market, Scaramucci highlighted Bitcoin’s role as the leading asset in this space, mentioning investments in other cryptocurrencies such as and .
“Bitcoin is a big kahuna. We also like Solana. We have small positions like Avalanche, but we are also looking at other tokens.”
He also touched on the recent verdict against FTX founder Sam Bankman Fried, adding that he was personally disappointed by the saga as it caused widespread setbacks for the entire industry.
“I felt so bad for that kid. He damaged my business and damaged my reputation. We sold part of the business and he lied to a lot of people. But when you look at him closely, he says, “Clinically, he seems like a very damaged person who will probably spend the next 18 to 20 years living with that sentence.” “He will spend time inside. Despite the light sentence, I am not unhappy with Sam. I feel sorry for him and his family.”
Despite the challenges, Scaramucci’s company Skybridge remains interested in the cryptocurrency space, viewing the regulatory oversight and legal challenges as steps toward a more mature and stable market.
“Since January 2020, the US dollar has lost about 22% of its value, while Bitcoin has appreciated 8-to-1. If you owned Bitcoin during the four-year rolling period, you actually did well. If you could hold on to Bitcoin over such a period of time, you would never lose money. This shows Bitcoin’s potential as a long-term inflation hedge.”
Finally, Scaramucci acknowledged that the delay in approving the Spot Bitcoin ETF exposed leverage and fraud within the system, ultimately leading to a healthier ecosystem for cryptocurrencies.
“I believe Gary Gensler benefited the entire industry by delaying the approval of spot ETFs, exposing over-leverage and fraud within the system and creating a healthier ecosystem for cryptocurrencies.” He approved the Bitcoin Futures ETF in November 2021,” and according to administrative law, he should have approved the Spot ETF soon after. ”
