TLDR:
- Anthony Scaramucci predicts Bitcoin will reach $200,000 in 2024, representing a $4 trillion market cap, citing increasing adoption by younger generations
- Skybridge’s Crypto ETF has returned 150% in the past year through strategic investments in crypto-related stocks and miners, with a projected $35-36 price target
- Scaramucci maintains substantial positions in Solana (nine figures) and sees Bitcoin and Solana as key players in global tokenization
- A bipartisan US Bitcoin Strategic Reserve is likely to be established by year-end, following efforts by David Sachs
- Scaramucci criticizes Trump’s cryptocurrency initiatives, particularly the launch of memecoin projects, stating they have slowed positive crypto regulation
A US Bitcoin Strategic Reserve could become reality by the end of 2024, according to investment manager Anthony Scaramucci, speaking exclusively to Saxo.
The initiative, spearheaded by David Sachs, aims to establish bipartisan support for including Bitcoin among the 27 strategic resources currently held by the US government. These existing reserves include gold, uranium, lithium, and various metals deemed crucial for national interests.
“David Sachs has done a very good job of trying to make that a bipartisan thing,”
Scaramucci explained. He emphasized the importance of avoiding a rushed implementation that could be reversed by future administrations, highlighting the need for long-term commitment across party lines.
The proposed framework could involve purchasing between 50,000 to 100,000 bitcoins or investing through recently approved Bitcoin ETF products. This development comes as other nations actively build their sovereign cryptocurrency positions, creating what Scaramucci describes as a “Nash game theory” scenario where countries feel compelled to participate.
Scaramucci, whose firm Skybridge Capital has seen its crypto ETF return 150% in the past year, projects Bitcoin’s price will reach $200,000 in 2024. This target would value Bitcoin at a $4 trillion market capitalization, comparable to major technology companies like Apple and Nvidia.
The Skybridge Crypto ETF’s success stems from strategic investments in the digital asset ecosystem, including Bitcoin miners, MicroStrategy, and Coinbase. The fund actively manages approximately 20 stocks, adjusting positions based on earnings momentum.
Despite experiencing volatility – including a drop from $70,000 to $16,000 in 2021 – the ETF has rebounded strongly. Scaramucci notes the fund’s price has increased from $3-4 per share to $18, with analysts projecting a $35-36 price target.
Other Investments
Beyond Bitcoin, Scaramucci revealed substantial investments in Solana, maintaining a nine-figure position in the blockchain platform. He identifies Bitcoin and Solana as key players in global tokenization, while also holding positions in Avalanche and Polkadot.
Drawing parallels to the early internet era, Scaramucci compared the current state of cryptocurrency and artificial intelligence to Web1. He suggested that despite potential market corrections, long-term holders could see substantial returns, similar to early internet investors.
The investment manager maintains broader technology exposure through both private and public positions in artificial intelligence companies, including investments in Asteroid Labs and Nvidia, viewing these as revolutionary technologies despite bubble concerns.
Meme Coins
However, Scaramucci expressed criticism of recent cryptocurrency initiatives by Donald Trump, particularly the launch of memecoins. He argued these projects have hindered positive crypto regulation and contributed to a proliferation of questionable digital assets.
For Bitcoin to achieve status as a major asset class, Scaramucci suggests it would need to reach a market capitalization of $15-20 trillion, comparable to gold’s value to humanity. He believes younger generations’ adoption of Bitcoin supports this potential trajectory.
The strategic reserve discussion reflects growing institutional acceptance of Bitcoin as a legitimate asset class. Current US strategic reserves include various commodities and resources deemed essential for national security and economic stability.
Several sovereign nations have already begun accumulating Bitcoin positions, creating pressure for other countries to follow suit. This international movement could accelerate the establishment of a US Bitcoin Strategic Reserve.
The framework for the US Bitcoin Strategic Reserve is expected to be outlined by the end of 2024, though the scale may be more modest than some cryptocurrency advocates desire.
