Anthony Scaramucci, the founder of SkyBridge Capital, remains optimistic about Bitcoin’s future trajectory despite its recent retreat from its all-time high of $74,000. This downturn was fueled by a broader sell-off in the cryptocurrency market and the introduction of spot Bitcoin ETFs.
In an interview with CNBC, Scaramucci highlighted Bitcoin’s resilience amidst market fluctuations, citing a significant inflow of over $10 billion in the first quarter alone. This influx outpaced the growth of the gold ETF (GLD) which took a year to achieve a similar milestone.
Scaramucci suggested that the launch of ETFs may have contributed to Bitcoin’s resurgence, as it spurred increased demand from Wall Street. He emphasized that Bitcoin’s halving mechanism, which limits the supply of new coins, plays a crucial role in driving up its value due to scarcity. Contrary to claims that Bitcoin’s halving and ETF launches have been fully priced in, Scaramucci believes that Bitcoin has “a lot more to go,” comparing its current adoption rate to that of the early internet era.
While Scaramucci does not envision Bitcoin replacing gold as a global standard, he views it as a significant digital store of value. He speculated that Bitcoin could potentially reach half of gold’s market valuation, indicating a substantial upward potential, albeit with volatility.
Acknowledging Bitcoin’s volatility and cyclical nature, Scaramucci set a conservative target of $170,000 for Bitcoin in the current cycle. However, he emphasized the speculative nature of the market and the influence of adoption waves and demand.
In addition to Bitcoin, Scaramucci mentioned investments in other cryptocurrencies like Solana and Avalanche, while underscoring Bitcoin’s dominant position in the crypto space.
Reflecting on the recent sentencing of FTX founder Sam Bankman-Fried, Scaramucci expressed disappointment, stating that the saga had negative repercussions for the industry. Despite the challenges, SkyBridge remains interested in the crypto space, viewing regulatory scrutiny as a step towards market maturity.
Scaramucci credited Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, for delaying the approval of spot Bitcoin ETFs. He believes that this decision exposed over-leverage and fraud in the system, ultimately fostering a healthier environment for cryptocurrencies.