Anthony Scaramucci, the CEO of investment firm SkyBridge Capital, said he was pleased with Bitcoin’s BTC/USD progress this year and pinned hopes on the leading cryptocurrency reaching $100,000
What Happened: In an interview with CNBC Television, Scaramucci stated, "If you had said to me last year when Bitcoin was in the 30s, that we’d be here in the 60s post-halving — I think most people in the industry would be very happy."
One of the most prominent industry advocates in support of cryptocurrencies, Scaramucci recalled how King Crypto was “decimated” in the fall of 2022 and how the regulatory approval of ETFs earlier this year helped boost demand and sentiment.
“ETFs made it safe to go into Bitcoin for lots of institutional investors,” he said. Scaramucci specifically talked about the success of BlackRock’s iShares Bitcoin Trust IBIT, which was the largest spot Bitcoin ETF in terms of assets under management.
He also pointed out that 65% of Bitcoin’s price action was driven by ETF purchases, while 35% of it was a function of investors directly buying the cryptocurrency.
On questions about Bitcoin's divergence from gold, the former White House Communications Director said he doesn't consider Bitcoin a store of value asset.
"I still see it as an early adopting technology. Could it be a store of value if there are over a billion wallets? Sure. Look at it that way. Is it a future store value? Yes." Scaramucci emphasized.
See Also: Donald Trump Launches Crypto Platform ‘The DeFiant Ones’ To Challenge Traditional Banking Systems
Why It Matters: The apex cryptocurrency has shed 6% of its value since the month began, precipitated by recession fears and unwinding or yen-carry trade.
On the other hand, gold has grown 1.7% since August began, justifying its status as a safe haven asset.
Scaramucci has been a vocal proponent of bipartisan cryptocurrency regulation, and expected that the Democratic administration led by Kamala Harris would make it happen by 2025.
Price Action: At the time of writing, Bitcoin was trading at 60,817.44, down 0.23% in the last 24 hours, according to data from Benzinga Pro.
Photo by World Economic Forum on Flickr
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
