The founder and CEO of SkyBridge Capital Anthony Scaramucci believes that the total market capitalization of Bitcoin (BTC) could rise more than 13-fold from the current level.
Scaramucci says in a new CNBC interview that BTC’s total market cap stands to potentially equal that of Bitcoin with the entry of mainstream investors following the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
“So if there’s a sell on the news [after a spot Bitcoin ETF approval] though, I’ll be surprised because there feels like there’s several billion dollars of market demand.
And remember those 12 [spot Bitcoin ETF] issuers want this to get off to a strong start. And I do think they have pent-up demand…
We entered the space in 2020, we like it long-term. We think Bitcoin could eventually be the same or up there with the market capitalization of gold. That may take a decade, but it’s very very promising.
And the fact that the SEC is going to allow this in brokerage accounts, I think this is meaningful… Now that Wall Street’s involved, they will sell this product to their best investors.”
The World Gold Council estimates that the amount of the yellow metal mined throughout history stands at approximately 209,000 tonnes – valued at around $12 trillion. Bitcoin’s market cap currently stands at nearly $893 million.
The SkyBridge Capital CEO further says that Bitcoin could also benefit from the Federal Reserve’s plans to ease monetary policy.
“I think more liquidity in the markets is better for Bitcoin. The people who are studying Bitcoin and doing the work on Bitcoin recognize it as a digital store of assets. They see it as a digital form of gold. And so if there’s laxity in the interest rates cycle, that means there will be more liquidity. And I think that will be better for Bitcoin. It will find its way into more model portfolios.”
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- Source: https://dailyhodl.com/2024/01/11/12000000000000-bitcoin-market-cap-incoming-predicts-anthony-scaramucci-heres-the-timeline/
