in In a conversation with Scott Melker – of The Wolf of All Streets – Anthony Scaramucci predicted that a spot Bitcoin ETF could very well be passed in the beginning of 2024. He reasoned that, in addition to the near-term influx of capital this process would bring in, the highly anticipated Bitcoin Halving event would act to narrow the supply-and-demand flow, and promptly return the bull market term. Scaramucci simply stated –
“As a Wall Streeter, products on Wall Street are sold, they are not bought. And so there’s going to be tens of thousands, if not a 100,000+ people at these Wall Street firms selling these products to their traditional investors. So people that are in Bitcoin understand the finite supply of Bitcoin, understand the nature and the quality that Bitcoin has. This will push Bitcoin up and of course, it will have a dramatically positive effect on the altcoin market because it will lead to more capital into digital properties.”
He went on to deem the ownership of Bitcoin ETFs, which have recently been taken under serious consideration from luminaries such as BlackRock and Fidelity investments, as the trigger for a $500+ billion marked increase in Bitcoin’s current $12 trillion market cap – indicating a 24-fold rise.
“It’s important that now the largest asset manager in the world who started out with some level of skepticism related to digital assets and Bitcoin is now willing to adopt Bitcoin. But even more important than that, they’re willing to explain to their clients – I think BlackRock now [has] $13 trillion [in assets under management] for them, $7 trillion for Fidelity – why their clients need exposure to digital properties like Bitcoin. And so we have a $500+ billion market for Bitcoin. You and I both know gold is $12-ish depending on where it’s trading. But it’s $12 trillion. There’s no reason why Bitcoin couldn’t get to gold.”
