Skybridge Capital founder Anthony Scaramucci has predicted a multi-trillion-dollar future for bitcoin, independent of the U.S. Securities and Exchange Commission (SEC)’s spot bitcoin exchange-traded fund (ETF) decision. He also urged Senator Elizabeth Warren to learn more about Bitcoin and expressed optimism that JPMorgan CEO Jamie Dimon “will change his tune about bitcoin” as regulations evolve.
Scaramucci Sees Bitcoin as a Multi-Trillion-Dollar Asset
Skybridge Capital founder Anthony Scaramucci discussed a variety of topics in an interview with Bloomberg on Monday.
While anticipating spot bitcoin exchange-traded fund (ETF) approvals in the first or second week of January, Scaramucci acknowledged the possibility of delays or rejections due to SEC Chair Gensler’s influence. However, “I don’t really think it’s going to matter,” he stressed, elaborating:
I think the exponential growth of wallets, and the exponential adoption of bitcoin globally, is going to push prices higher into 2024.
“I’m making the case that this [bitcoin] is a store of value asset,” he continued. “This is effectively digital gold. It has a $700 billion to $800 billion market cap today. And if it were to get that moniker of digital gold, it should trade to where gold is trading … Depending on days and markets, it’s $10 trillion to $12 trillion in U.S. dollars, so bitcoin has a lot of room ahead.”
Regarding his bitcoin price prediction, Scaramucci said: “Two years ago I said bitcoin could trade at $100,000 a coin, I do think it’s going to reach that.” However, he emphasized that “This is a buy and hold strategy,” adding: “I would just recommend to people that they hold it.”
Echoing the predictions by venture capitalist Tim Draper and Ark CEO Cathie Wood that the price of bitcoin would hit $250,000 to $500,000 a coin, Scaramucci said if he is right about BTC being digital gold:
That would make bitcoin a $3.5 trillion to $4 trillion asset when gold is a $10 trillion asset, so I don’t see why it can’t get there, but it will come with some volatility and it will require people to be patient.
“We’re having a banner year this year, arguably the best year we’ve had in the history of Skybridge but that was after a really bad year,” he shared, advising: “It’s an early asset, early in the adoption cycle, but things are moving exponentially and I would recommend people to stay the course.”
Scaramucci: Jamie Dimon Will Change His Tune, Elizabeth Warren Should Do Homework on Bitcoin
Scaramucci was asked to comment about the remarks by JPMorgan CEO Jamie Dimon regarding bitcoin and crypto during a senate hearing last week. The JPMorgan boss said that he would shut down bitcoin and crypto if he were the government, citing various criminal use cases for the cryptocurrency.
“He’s one of the smartest people in the industry so he obviously knows he couldn’t shut it down. It’s a fully decentralized network,” Scaramucci described. “And he also knows that a lot of the activity that’s happening in the digital asset space, specifically bitcoin, is happening around the world and not just here in the United States.”
Nonetheless, Scaramucci stated, “But I understand his position and where he’s coming from. He wants those regulators off his back,” concluding:
I’m confident that Jamie, when the regulatory environment gets a little bit more sanguine, will change his tune.
Reiterating that he understands where Dimon is coming from, Scaramucci stressed: “He’s in the largest traditional financial services company. It’s arguably been the most successful and it’s heavily regulated by the people that he is speaking to, particularly Elizabeth Warren, who’s effectively the president for financial services. It seems like the Biden administration has ceded power to her and it’s very clear that she hates bitcoin.”
The Skybidge founder emphasized: “I would caution her on that because I think it’s part of the future and it worries me that somebody like Senator Warren is not doing the homework on something like this.” He concluded: “She’s supposedly for the unbanked, and bitcoin is a mechanism to help the unbanked, and she’s supposedly progressive, and there isn’t anything in the financial services environment more progressive than bitcoin, so I would encourage her to do her homework.”
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