Known for his title as the former White House Communications Director, this figure has been closely involved with cryptocurrencies for years. What lends significance to his comments are his past experiences in investment strategies and, of course, his previous political position. So, what are Anthony Scaramucci’s latest predictions about cryptocurrencies?
Expert Opinions on Cryptocurrency
Anthony Scaramucci served as Trump’s communications director for about 1.5 weeks and is remembered by many in the crypto space for this role. However, he continues his work in finance as the founder of SkyBridge Capital. In his market assessment a few hours ago, the well-known figure says that due to decreasing new supply and increasing demand, the price of BTC will continue to rise.
In his latest CNBC interview, the senior hedge fund manager said that with the approval of the Spot Bitcoin ETF, all regulatory barriers have been removed. According to him, this approval will open the way for new pools of capital to invest in the crypto king, and the price will rise further.
Supply and BTC Price
Scaramucci is optimistic due to the upcoming Bitcoin block reward halving, which will reduce the new supply released into the market to 3,125 BTC per block. The 60-year-old investor believes that Wall Street’s consumption of thousands of BTC per day, along with the contraction in selling supply, will lead to nothing but new peaks.
“When Wall Street gets hold of such a product, it kind of goes crazy and creates a lot of demand for the product. We were surprised by the over $10 billion new inflow for a product like Bitcoin in the first quarter… It took a year for the Gold ETF GLD to reach $10 billion. Bitcoin achieved this in 25% of the time.
And not to bore everyone, but Bitcoin miners are extracting 900 coins a day. This number is likely to halve on April 20th (with the current hash power, halving will occur on April 20th) and will drop to 450 coins. In a period where supply is going to be cut, you probably have a basic demand of 2,000 to 3,000 BTC per day.
They said the ETF had been priced in before. Now they say the halving is priced in. I don’t believe that either. I think Bitcoin has a lot more room to grow.”
BTC price is at $69,364 at the time this article was prepared.
