SkyBridge Capital Founder Anthony Scaramucci made an exciting prediction in the cryptocurrency world. According to Scaramucci, there is a possibility that the spot Bitcoin exchange-traded fund (ETF) will be approved in the first quarter of 2024. This could bring a major change in the cryptocurrency market and accelerate Bitcoin’s rise. Here are the details…
Anthony Scaramucci expressed his predictions in an interview with The Wolf of All Streets’ Scott Melker. Scaramucci said that the approval of the spot Bitcoin ETF and the Bitcoin halving event, which is expected to take place in April 2024, could combine to ignite the crypto bull market.
“As a Wall Streeter, products on Wall Street are sold, not bought. And tens of thousands, if not more than a hundred thousand people at these Wall Street firms will sell these products to their traditional investors.
So people who are in Bitcoin understand the limited supply of Bitcoin, they understand the nature and quality of Bitcoin. This will push Bitcoin up and of course have a significantly positive impact on the altcoin market because it will lead to more capital entering digital assets. So people can think whatever they want. “They may think short-term about Bitcoin’s short-term volatility, but these macro positive factors are huge.”
According to Scaramucci, the potential approval of spot Bitcoin ETFs offered by giant asset managers such as BlackRock and Fidelity Investments could increase the market value of the leading crypto asset by approximately 24 times from current levels.
“It is significant that the world’s largest asset manager, which started out with some skepticism regarding digital assets and Bitcoin, is now willing to embrace Bitcoin. But more importantly, they are willing to explain to their customers why they need access to digital assets like Bitcoin. I think BlackRock currently has $13 trillion in revenue for its clients. [yönetim altındaki] has assets, Fidelity has $7 trillion.
We currently have a $500+ billion market cap for Bitcoin. We both know gold is worth around $12 depending on where it trades. But its market value is 12 trillion dollars. “There is no reason why Bitcoin cannot reach gold.”
BTC is trading at $26,624 at the time of writing this article.
You can follow the current price movement here.