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SkyBridge Capital founder Anthony Scaramucci indicated that Bitcoin’s (BTC) current value of approximately $97,000 reflects where it should have been two years ago.
During an appearance on CNBC’s Squawk Box on Feb. 10, Scaramucci stated that the sluggish rise of Bitcoin was primarily due to the slow approval process for a spot Bitcoin exchange-traded fund (ETF), which he contended should have been approved in early 2022.
Scaramucci remarked:
“The delay caused a lot of the price damage.”
He further noted that Bitcoin’s extended period of stagnation in 2022 and 2023 was directly tied to regulatory ambiguity. Bitcoin did not surpass the $60,000 mark again until March 2024, following the eventual approval of spot ETFs in January.
Institutional Interest
Scaramucci highlighted the increasing institutional adoption and interest from nations as significant factors influencing Bitcoin’s future direction.
He pointed out that university endowments, such as Emory University and the University of Austin, have started to investigate Bitcoin investments, with Emory revealing a stake in Grayscale’s Bitcoin ETF last year.
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He also suggested that a US strategic Bitcoin reserve is plausible. He noted:
“Contrary to popular belief, the US already possesses nearly 30 different assets in its strategic reserve. Bitcoin is an asset the country will want to hold at some level.”
Additionally, he asserted that sovereign wealth funds in the Middle East have been discreetly accumulating Bitcoin, further enhancing its long-term outlook.
The Trump Factor
Scaramucci believes that the regulatory landscape for Bitcoin has improved under the current Donald Trump administration, describing it as “favorable, reasonable, middle-of-the-road regulation.”
He suggested that greater policy stability and industry engagement could help Bitcoin sustain its current momentum.
Bitcoin’s price fluctuations have remained a focal point for investors, with the digital asset dropping below $100,000 after a prolonged ascent.
According to CryptoSlate data, BTC was trading at $97,492 at the time of reporting.
Market analysts continue to debate whether the leading cryptocurrency can maintain its upward trend, particularly with forthcoming US economic data potentially affecting risk sentiment.
The post Scaramucci attributes Bitcoin’s late bloomer status to ETF delays appeared first on CryptoSlate.
