Anthony Scaramucci, the CEO of SkyBridge Capital, which he founded in 2005, continues to paint a positive picture for the cryptocurrency market. In a recent interview, Scaramucci made a noteworthy prediction that the strong innovation surrounding cryptocurrencies will eventually attract trillions of dollars to the cryptocurrency market.
Expecting a Record Increase in the Adoption of Cryptocurrencies
Speaking as a guest on Brian Rose’s London Real podcast, Scaramucci believes that cryptocurrencies have the potential to be more efficient and cost-effective than traditional financial systems, and therefore will ultimately see much wider adoption.
The famous hedge fund manager referred to the statements of Marc Andreessen, the co-founder of investment firm Andreessen Horowitz known for his investments in Web3 and the metaverse, where he explained how cryptocurrencies and blockchain technology can disrupt the traditional financial system. Scaramucci said:
Blockchain, cryptocurrency, and Web3 could be bigger than the internet itself. If you really understand what’s going on, and Marc Andreessen, who invented the Netscape browser and was a big part of Web1, explained this better than I did, and he said, “Okay, this is bigger than Web1, but why? Because it will eliminate intermediaries in transactions. It will remove third parties from the system. Many costless things that were once charged by banks and other intermediaries will now be possible due to the advancement of technology.”
We don’t trust each other, but if we have a technology that doesn’t require us to trust each other, and if we have this trustless binary system where I can transfer assets to you without a third party, then ridiculous transaction costs and ridiculous economic innovations will emerge.
Scaramucci: Total Market Cap Will Quadruple in a Few Years
According to Scaramucci, the total value of the cryptocurrency market could exceed $5 trillion within just a few years, more than quadrupling its current value of $1.172 trillion.
The CEO of SkyBridge Capital expressed his expectation as follows: “I’m here to tell you that in five years or ten years, the stock market will be at higher levels. The Nasdaq index will be higher. There will be even greater growth in the cryptocurrency market. Ark Invest CEO Cathie Wood’s price prediction will probably come true. The total market cap of $900 billion can reach $3 trillion, $4 trillion, or $5 trillion in the next few years. I want to be a part of that.”
In 2021, when the total value of the cryptocurrency market reached $3 trillion, the price of the largest cryptocurrency, Bitcoin, hit a record high of nearly $69,000. If the market cap reaches the levels predicted by Scaramucci, it will mean new record levels for Bitcoin, surpassing the much-anticipated $100,000 and beyond.
