The flagship cryptocurrency Bitcoin ($BTC) has tremendous growth potential, according to the founder and managing partner of SkyBridge Capital Anthony Scaramucci, who recently revealed he believes the cryptocurrency’s market capitalization could reach $15 trillion, around 2,660% above its current $540 billion market capitalization.
Speaking at the OPTO – Invest in innovation podcast, as first reported by The Block, Scaramucci said he thinks “Bitcoin could easily be a $15 trillion asset,” before adding that BTC “in may ways is more valuable than gold” and could become a store of value.
Scaramucci added that because of this “we own a lot of Bitcoin here,” even though he does not believe that the flagship cryptocurrency will become the universal standard of money. The founder of SkyBridge Capital, a former White House Direct of Communications under Donald Trump’s presidency, noted that nationals hostile to the US could end up trading BTC or gold-backed cryptocurrencies after the US used the dollar to asset “its geopolitical will on others.”
Scaramucci criticized the current financial system as “broken” and called for strong leadership to start a revival, although he admitted that such a change would take 15 to 20 years.
The executive also predicted that Bitcoin’s market cap could imply a price of over $700,000 per coin, given its limited supply of 21 million coins, which is a big jump from its current price of around $28,000.
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On a personal note, Scaramucci shared a disappointing experience with Sam Bankman-Fried, the troubled founder of the now-closed FTX exchange, which he said “broke” his heart.
FTX Ventures had bought a 30% share in SkyBridge last September, before the cryptocurrency exchange collapsed and filed for bankruptcy in November. He now estimates Bankman-Fried will be fond guilty and convicted, partly because some of his former colleagues pleaded guilty.
As CryptoGlobe reported, as the U.S. faces a “debt death spiral” of $33 trillion, analysts from Jefferies have now cautioned that the Federal Reserve may have to resume its money printing—possibly causing the U.S. dollar to crash and boosting the price of the flagship cryptocurrency as it competes with gold.
In a recent note to clients Christopher Wood, global head of equity strategy at Jeffries, called Bitcoin and gold “critical hedges” against the return of inflation as G7 central banks “will not be able to exit from unconventional monetary policy in a benign manner and will ultimately remain committed to ongoing central bank balance-sheet expansion in one form or another.”
Wood’s comments come at a time in which the U.S. Federal Reserve and other major central banks throughout the world have been aggressively raising interest rates to rein in inflation. The aggressive rate hikes have led to the collapse of several institutions, including Credit Suisse, which was bought by UBS for about $3.3 billion earlier this year.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2023/10/bitcoin-btc-could-hit-15-trillion-market-capitalization-says-skybridge-capitals-anthony-scaramucci/
