SkyBridge Capital’s Anthony Scaramucci maintains a positive outlook on Bitcoin despite its recent retreat from its all-time high of $74,000, driven by a broader downturn in the cryptocurrency market and the debut of spot Bitcoin ETFs.
In a CNBC interview, Scaramucci emphasized the swift inflow of over $10 billion into Bitcoin during the first quarter, surpassing the growth trajectory of the gold ETF (GLD) which took a year to achieve the same milestone.
Scaramucci speculated on the impact of ETFs on Bitcoin’s resurgence, suggesting that the entry of such products to Wall Street has catalyzed significant demand for the cryptocurrency.
He pointed out several factors contributing to Bitcoin’s resilience, including its halving mechanism, which curtails the influx of new coins into circulation, thereby increasing scarcity and driving up prices. Scaramucci dismissed claims that the effects of Bitcoin’s halving and ETF launches have been fully factored into the market, asserting that Bitcoin still has considerable room for growth.
Discussing Bitcoin’s role as a hedge against inflation and currency devaluation, Scaramucci projected it as a major digital store of value, foreseeing its potential to attain half of gold’s market capitalization. However, he cautioned that such growth would be accompanied by significant volatility.
Regarding Bitcoin’s price trajectory, Scaramucci set a modest target of $170,000 for the current cycle, acknowledging the speculative nature of the market and the influence of adoption waves.
In addition to Bitcoin, Scaramucci mentioned investments in alternative cryptocurrencies like Solana and Avalanche, though he emphasized Bitcoin’s dominance in the crypto space.
While discussing recent events in the industry, such as the sentencing of FTX founder Sam Bankman-Fried, Scaramucci expressed disappointment, citing the negative implications for the broader crypto landscape.
Despite challenges, Scaramucci’s firm, SkyBridge, maintains its interest in the crypto sector, viewing regulatory oversight and legal hurdles as necessary steps toward market maturity and stability.
Finally, Scaramucci praised SEC Chair Gary Gensler’s decision to delay approval of spot Bitcoin ETFs, suggesting that it helped uncover issues of leverage and fraud within the system, ultimately contributing to a healthier cryptocurrency ecosystem.
