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Although Bitcoin (BTC) remains significantly below its peaks from November 2021, Anthony Scaramucci, the founder of SkyBridge Capital and former communications director at the White House, continues to express a strong positive outlook on the cryptocurrency.
At the Messari Mainnet conference in New York, Scaramucci conveyed his belief that the most challenging phase of the bear market is now behind us.
Reasons for Bitcoin’s Potential Growth: Scaramucci
During a discussion titled “Why I’m still bullish,” Scaramucci urged Bitcoin investors to hold onto their assets.
“You [young people] will be mainstreaming Bitcoin the way my generation mainstreamed the internet,” he remarked, addressing the audience. “The next 10 to 20 years are exceptionally optimistic [for bitcoin].”
His comments aligned with his previous statements to Bloomberg in March, where he likened Bitcoin’s current level of adoption to that of the internet in 1998. As of 2023, the crypto payment platform Triple-A estimates that there are approximately 420 million crypto holders globally, representing about 4.2% of the global population.
However, macroeconomic challenges continue to exist, including increasing interest rates, a seemingly adversarial Securities and Exchange Commission (SEC) chair, and negative perceptions surrounding crypto adoption.
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Nonetheless, the American financier asserted that Bitcoin “is better than gold,” a precious metal that has seen significant appreciation against the U.S. dollar since President Nixon abandoned the gold standard five decades ago. Bitcoin is frequently compared to gold as both serve as a hedge against inflation and a store of value due to their limited supply.
“As wealth is generated in society, a portion of that wealth is going to be allocated to digital assets, most likely bitcoin,” Scaramucci stated.
The Significance of Bitcoin ETFs
Scaramucci also highlighted the transformative impact that Bitcoin ETFs could have on promoting widespread Bitcoin adoption.
“Every single Wall Street firm is going to have a bitcoin ETF in their arsenal,” he forecasted. When Wall Street possesses something in their arsenal, they market it to their clients…The market [for bitcoin] is going to expand.”
While numerous Bitcoin ETFs have been launched worldwide, a Bitcoin spot ETF—directly backed by actual BTC—has yet to be introduced in the U.S. market. Approximately ten asset managers are currently competing to launch one, though their prospects in the eyes of the SEC remain unclear.
Following Grayscale’s recent legal victory over the SEC, Bloomberg’s ETF analysts believe it is likely that a spot ETF will be available this year. Former SEC chair Jay Clayton has indicated that he sees the approval of a spot ETF as “inevitable.”
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