Famous billionaire Anthony Scaramucci says institutions are bullish on BTC after the spot ETF approval. Institutions are taking long positions on Bitcoin amid a reversal in cryptocurrency market sentiment. Scaramicci supports Digital Gold’s narrative of preventing inflation.
Cryptocurrency billionaire: We are still at the helm of Bitcoin!
cryptokoin.comAs you follow from , the crypto market has started to gain upward momentum in recent days. This fueled the bullish sentiment among investors and traders. SkyBridge Capital’s Anthony Scaramucci doubled down on institutional adoption of Bitcoin (BTC) following recent announcements regarding spot BTC ETF investments. In a recent interview with CNBC, Scaramucci noted that institutions were bullish after the Securities and Exchange Commission (SEC) approved spot ETFs in January.
According to Anthony Scaramucci, the spot Bitcoin ETF approval was the regulatory approval most major institutions needed to open the door to the asset spurring a new wave in the asset’s price. He added that most companies took long positions in Bitcoin, taking reference from BlackRock. Reiterating the bullish trend, Scaramucci stated that SkyBridge announced its Bitcoin position in 2020 and received a lot of reactions. However, currently most of these firms have invested in the asset. In this context, the famous billionaire made the following statement:
Sometimes when you’re early you get some bumps and scrapes, but I think being early pays off in Bitcoin and we’re still early in Bitcoin.
Scaramucci supports ‘Digital Gold’ narrative
The host asked Anthony Scaramucci why institutions were quickly adopting this asset. Scaramucci emphasized two reasons in particular. The first of these is that it is a protection against inflation. The other is that it will be the future transaction currency. Scaramucci noted that he remains in the digital gold category, despite MicroStrategy’s Michael Saylor advocating for the latter. In this regard, Scaramucci said:
Michael Saylor will probably call my cell phone next and say no, this is not the universal currency category. So it will be the standard currency for the world within years.
Inflation hedge function of the leading cryptocurrency Bitcoin!
Bitcoin bulls have always considered the asset as a hedge against inflation as the central bank prints more money. Recent negative macroeconomic factors have further deepened calls for mass adoption of BTC. On the other hand, it affected stocks for various reasons.
Some cryptocurrency users have also supported a fundamental shift from the central bank to a more decentralized and transparent model. Scaramucci advised attendees to do their homework regarding Bitcoin. Thus, people will tend to turn to Bitcoin after research, he added.
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