Bitcoin climbed above $28,000 on Monday as investors priced in the anticipation of several pending Bitcoin ETF applications from the SEC. The rally of the leading cryptocurrency, which aims to reach and even surpass the $15 trillion market capitalization, has sparked calls for further growth.
Anthony Scaramucci, the founder and managing partner of SkyBridge Capital, is extremely optimistic about Bitcoin. The former US politician believes that Bitcoin, with its current market value of approximately $546 billion according to CoinGecko data, has the potential to grow by 2,662%. In a recent interview, Scaramucci stated that he expects Bitcoin to become a “easily a $15 trillion asset” in the midst of the broken financial system in the US in the coming years. He added:
I think Bitcoin can easily become a $15 trillion asset, more valuable than gold and a store of value. That’s why we have a significant amount of Bitcoin.
Bitcoin (BTC) experienced a 4.8% increase in the past 24 hours, pushing its price above $28,138. The rapid surge came after a significant legal update in Grayscale’s Bitcoin spot ETF ambitions. As previously announced, the Securities and Exchange Commission did not appeal against the court decision in August that blocked Grayscale’s ETF application.
Scaramucci’s $15 trillion estimate for Bitcoin’s market value translates to a price of over $700,000 per crypto coin, considering the 21 million hard cap. The second most valuable cryptocurrency, Ethereum (ETH), regained support above $1,618 with a 4.0% increase.
The overall cryptocurrency market value added approximately $25 billion, a 4.0% increase since yesterday. The most positive move came from Solana, as FTX’s bankruptcy zone alleviated concerns of a potential drop by staking about 10% of its massive assets. SOL showed a 7.8% increase, making it the best-performing cryptocurrency among the top ten in the market.