Anthony Scaramucci predicts a bullish surge for Bitcoin in 2024, attributing it to the potential approval of a spot Bitcoin ETF in Q1.
Anthony Scaramucci, the founder of SkyBridge Capital, explains how a single catalyst may have a bullish effect on Bitcoin (BTC) and other cryptocurrency assets.
Scaramucci states that a spot Bitcoin exchange-traded fund (ETF) might be approved in the first quarter of 2024 in an interview with Scott Melker of The Wolf of All Streets.
The creator of SkyBridge Capital believes that a cryptocurrency bull market might be sparked by the halving of Bitcoin and the adoption of a spot Bitcoin ETF, both of which are anticipated to happen in April 2024.
Short-term volatility of Bitcoin
“As a Wall Street professional, I know that goods are sold there rather than purchased. Thus, these Wall Street businesses will employ tens of thousands, if not over a hundred thousand, employees to offer these goods to its regular investors.
Therefore, those who invest in Bitcoin are aware of its limited supply as well as its characteristics. This will drive up the price of Bitcoin and, naturally, have a hugely favorable impact on the altcoin market by attracting more cash to digital properties.
For people to think as they please. They are able to consider the short-term volatility of Bitcoin, but these significant macroeconomic advantages outweigh it.”
According to Scaramucci, the main cryptocurrency asset’s market capitalization can rise by about 24 times from its current level if spot BitcoinETFs filed by massive asset managers like BlackRock and Fidelity Investments are approved.
“It’s significant that the biggest asset manager in the world, who once held doubts about digital assets and Bitcoin, is now prepared to embrace it.
More importantly, though, is that they’re prepared to explain to their clients—I believe BlackRock currently manages $13 trillion in assets for them, compared to $7 trillion for Fidelity—why their clients want exposure to digital assets like Bitcoin.
Thus, the market for Bitcoin is valued at over $500 billion. I know that gold is about $12, depending on where it is trading. Still, that’s $12 trillion. There’s no reason Bitcoin couldn’t reach the gold standard.”
