Anthony Scaramucci, the founder of SkyBridge Capital, a wealth management company that also invests in cryptocurrencies, made noteworthy statements about how a catalyst can create a rise in Bitcoin (BTC) and altcoins.
He Lists the Triggers of a Bull Market in Bitcoin and Altcoins
In an interview with The Wolf of All Streets’ Scott Melker, crypto billionaire Anthony Scaramucci believes that the approval of a spot Bitcoin exchange-traded fund (ETF) could happen in the first quarter of 2024.
According to the founder of SkyBridge Capital, the approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) and the Bitcoin block reward halving expected to occur in April 2024 could come together to ignite a bull market in the crypto market:
As a Wall Street person, products are sold on Wall Street, not bought. So there will be tens of thousands, even more than 100,000 people at Wall Street firms selling these products to their traditional investors.
So people who are in Bitcoin will start to understand Bitcoin’s limited supply, Bitcoin’s nature, and the quality it possesses. This will drive Bitcoin up and, of course, will have a significant positive impact on the altcoin market because it will allow more capital to enter digital assets.
So people can think whatever they want. The short-term volatility of Bitcoin may be considered in the short term, but the impact of these macro positive factors will be quite high.
Prediction of a 24-Fold Increase in Bitcoin’s Market Value
According to Scaramucci, the potential approval of spot Bitcoin ETFs by major asset management companies such as BlackRock and Fidelity Investments could increase the market value of the largest cryptocurrency by about 24 times from current levels:
The world’s largest asset management companies that were skeptical of digital assets and Bitcoin are now willing to embrace Bitcoin, which is significant. But more importantly, companies like BlackRock and Fidelity Investments are willing to explain to their clients why they should be exposed to digital assets like Bitcoin.
Thus, a market of over $500 billion will emerge for BTC. We both know that the market value is around $12 trillion depending on where gold is traded. There is no reason for Bitcoin not to reach gold.
