Anthony Scaramucci, founder of SkyBridge Capital, shed light on a potential catalyst that could spark an uptrend in Bitcoin (BTC) and the broader cryptocurrency market. Here are the details…
What is the factor that will cause the rise for cryptocurrencies?
In a recent interview with The Wolf of All Streets’ Scott Melker, Scaramucci expressed optimism that a spot Bitcoin exchange-traded fund (ETF) could gain approval in the first quarter of 2024. Drawing on Wall Street experience, Scaramucci outlined how the approval of a spot Bitcoin ETF, combined with the Bitcoin halving event expected to occur in April 2024, could set the stage for a major crypto bull market. Scaramucci said, “As a Wall Streeter, products are not bought on Wall Street, they are sold. As a result, there will be tens of thousands, even more than 100,000 people at these Wall Street firms actively promoting these products to their traditional investors,” he said. He also said:
Those currently interested in Bitcoin understand its limited supply, unique qualities, and inherent value. This understanding will support the rise of Bitcoin and will naturally attract more capital to crypto assets, creating an extremely positive impact on the altcoin market. Short-term fluctuations in Bitcoin may preoccupy people, but these macro-level positive factors are crucial.
Scaramucci expects a 24-fold increase
Scaramucci believes that the potential approval of spot Bitcoin ETFs proposed by industry giants such as BlackRock and Fidelity Investments could increase the market value of the flagship cryptocurrency to approximately 24 times its current value. “It is significant that the world’s largest asset manager, which was initially skeptical of cryptoassets and Bitcoin, is now willing to embrace Bitcoin. “More importantly, they are prepared to explain to their clients—BlackRock, with approximately $13 trillion under management, and Fidelity, with $7 trillion under management—why their clients should include crypto assets like Bitcoin in their portfolios,” he says. He also adds:
As a result, there is a market worth over 500 billion dollars for Bitcoin. It should be noted that gold is around $12 trillion, depending on its transaction value. There is no compelling reason why Bitcoin cannot reach parity with gold.
At the time of writing, Bitcoin is trading at $26,624 and market watchers are eagerly awaiting developments in the cryptocurrency space as the possibility of approval of a Bitcoin ETF looms on the horizon.
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