Bitcoin continues to trade well below its November 2021 high. However, SkyBridge Capital founder and former White House communications chief Anthony Scaramucci remains firmly bullish on BTC. According to Scaramucci, the leading cryptocurrency is a better investment than gold.
Scaramucci continues his rise for the leading cryptocurrency!
Anthony Scaramucci shared his views on sonnet developments at the Messari Mainnet conference in New York. Scaramucci expresses confidence that the worst of the bear market is now behind us. The famous fund manager encourages Bitcoin holders not to sell during a conversation titled “Why I’m Still Bullish.” Scaramucci says, gesturing to the audience:
Just like my generation popularized the internet, you (young people) will popularize Bitcoin. Bitcoin will rise significantly in the next 10 to 20 years.
Crypto billionaire: Bitcoin is a better investment than gold!
Anthony Scaramucci’s remarks are consistent with comments he made to Bloomberg in March. Additionally, Scaramucci compares the current adoption of Bitcoin to the adoption of the internet in 1998. Cryptocurrency payment gateway Triple-A estimates there are currently 420 million crypto holders worldwide by 2023. This is approximately 4.2% of the world’s population.
However, as you follow from Kriptokoin.com, macroeconomic challenges remain, including rising interest rates, a seemingly hostile Securities and Exchange Commission (SEC) chairman, and negative sentiment surrounding crypto adoption. Still, Scaramucci argues that it is “better than gold,” a precious metal that has appreciated strongly against the U.S. dollar since President Nixon ended the gold standard fifty years ago. Bitcoin is frequently compared to gold as both an inflation hedge and store of value due to the limited supply of each asset. In this context, Scaramucci makes the following statement about the leading cryptocurrency:
As wealth is created in society, some of this wealth will be transferred to crypto assets, most likely Bitcoin.
“The market for Bitcoin will expand”
Scaramucci also highlights the transformative potential of Bitcoin ETFs in driving widespread adoption of Bitcoin. Based on this, the famous fund manager shares the following assessment:
Every Wall Street firm will have a Bitcoin ETF in its arsenal. When Wall Street has something in its arsenal, they sell it to their clients. So, the market for Bitcoin will expand.
A large number of Bitcoin ETFs are traded in the market around the world. However, a Bitcoin spot ETF backed directly by real BTC has yet to reach the US market. About ten asset managers are currently competing to launch one. But their fate in the eyes of the SEC remains uncertain. The outcome of these applications is of vital importance for the cryptocurrency world. After Grayscale beat the SEC in court last month, Bloomberg’s ETF analysts see a spot ETF likely to debut this year. Former SEC chairman Jay Clayton also sees spot ETF approval as “inevitable.”
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