In a jaw-dropping turn of events, Bitcoin soared back above the $28,000 mark on Monday as investors price in the SEC’s potential approval of several pending spot Bitcoin ETF applications. The electrifying rally has sparked bullish calls for the pioneer cryptocurrency to meet or even exceed a $15-trillion market capitalization.
Bitcoin’s Path To A $15 Trillion Market Cap
SkyBridge Capital founder and managing partner Anthony Scaramucci is ultra-bullish on Bitcoin. The former U.S. politician now believes Bitcoin has the potential to grow by a whopping 2,662% from its current market capitalization of approximately $546 billion, per CoinGecko data.
“I think Bitcoin could easily be a $15 trillion asset,” Scaramucci said in a recent interview that he expects Bitcoin to “easily be a $15 trillion asset” in the coming years amid the broken U.S. financial system. According to the business magnate, Bitcoin is “more valuable than gold” and could become a store of value. Scaramucci noted that because of those reasons, “we own a lot of Bitcoin here.”
Bitcoin (BTC) experienced a 4.8% gain in the past 24 hours, pushing its price above $28,138 at publication time. The rapid ascent came after an important legal update in Grayscale’s Bitcoin spot ETF aspirations. As ZyCrypto reported previously, the Securities and Exchange Commission did not file an appeal against an August court ruling related to its blocking Grayscale’s ETF application.
Scaramucci’s $15 trillion prediction of the Bitcoin market cap signifies a price of over $700,000 per coin, considering its hard cap of 21 million.
Elsewhere In The Crypto Market
Ethereum (ETH), the second most valuable cryptocurrency, saw a 4.0% increase, recapturing support above $1,618.
The rest of the cryptocurrency market took cues from the upsurge in Bitcoin and Ethereum, with across-the-board rallies.
The overall crypto market cap surged 4.0% since yesterday, adding around $25 billion. The most bullish move came from Solana as the FTX bankruptcy estate staked roughly 10% of its massive holdings over the weekend, easing worries of a potential dump. SOL rose by 7.8%, making it the best performer among the market’s top ten cryptocurrencies.
BNB, the native token of the global Binance exchange, has also enjoyed a rally today after the company eliminated a colossal sum of 2.14 million BNB tokens — valued at $453 million — from circulation in its 25th quarterly burn event.
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- Source: https://zycrypto.com/anthony-scaramucci-says-bitcoin-to-easily-hit-15-trillion-market-cap-as-btc-touches-28000/
