SkyBridge Capital founder Anthony Scaramucci is detailing how one catalyst could have a bullish impact on Bitcoin (BTC) and other crypto assets.
In an interview with The Wolf of All Streets’ Scott Melker, Scaramucci says that a spot Bitcoin exchange-traded fund (ETF) could be approved in the first quarter of 2024.
According to the SkyBridge Capital founder, the approval of a spot Bitcoin ETF and the Bitcoin halving, which is expected to occur in April of 2024, could combine to ignite a crypto bull market.
“As a Wall Streeter, products on Wall Street are sold, they are not bought. And so there’s going to be tens of thousands, if not a 100,000+ people at these Wall Street firms selling these products to their traditional investors.
So people that are in Bitcoin understand the finite supply of Bitcoin, understand the nature and the quality that Bitcoin has. This will push Bitcoin up and of course, it will have a dramatically positive effect on the altcoin market because it will lead to more capital into digital properties.
So people can think whatever they want. They can think short term about the near-term volatility of Bitcoin but these macro positive factors are overwhelming.”
According to Scaramucci, the potential approval of spot Bitcoin ETFs filed by giant asset managers such as BlackRock and Fidelity Investments could see the flagship crypto asset increasing its market capitalization by roughly 24 times from the current level.
“It’s important that now the largest asset manager in the world who started out with some level of skepticism related to digital assets and Bitcoin is now willing to adopt Bitcoin.
But even more important than that, they’re willing to explain to their clients – I think BlackRock now [has] $13 trillion [in assets under management] for them, $7 trillion for Fidelity – why their clients need exposure to digital properties like Bitcoin.
And so we have a $500+ billion market for Bitcoin. You and I both know gold is $12-ish depending on where it’s trading. But it’s $12 trillion. There’s no reason why Bitcoin couldn’t get to gold.”
Bitcoin is trading at $26,624 at time of writing.
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