Anthony Scaramucci Predicts Bitcoin Will Hit $100,000, Discusses Wyoming Blockchain Symposium and Spot Bitcoin ETFs

On August 22, Anthony Scaramucci, founder and managing partner of SkyBridge Capital, participated in an interview on CNBC's “Squawk Box,”

Anthony Scaramucci, founder and managing partner of SkyBridge Capital, shared his thoughts on Bitcoin and crypto in an interview on CNBC’s “Squawk Box.”

Opening with the Wyoming Blockchain Symposium, Scaramucci highlighted its strategic timing and location in the context of the Federal Reserve’s central banking conference in Jackson Hole. This served to juxtapose decentralized blockchain technology against traditional central banking. The symposium boasted a high level of participation from the crypto industry, including Senator Cynthia Lummis, Senator Tim Scott, and former SEC Chairman Jay Clayton.

Scaramucci expressed optimism about Bitcoin’s future, particularly in the latter half of 2024. He noted that the “overhang of supply” appeared to be ending, which he viewed as a positive sign for Bitcoin’s price trajectory.

In discussing a common point of comparison, Scaramucci highlighted that while gold has seen a 30% increase over the past two years, Bitcoin’s price has remained relatively stagnant. However, he maintained his view of Bitcoin as a technology in its early stages, rather than a store of value. He suggested that with over a billion wallets, Bitcoin could eventually be seen in this light.

Highlighting the potential of Bitcoin and other Layer 1 technologies, Scaramucci pointed to their ability to revolutionize payment systems and reduce transaction costs. He drew parallels to how technological advancements in the past, such as those in telecom, led to lower costs and greater efficiency in the economy. This, he believes, is the future trajectory for Bitcoin as it continues to integrate into the financial system.

A significant portion of the discussion centered around the impact of spot Bitcoin ETFs on the market. Scaramucci noted that the regulatory clearance for these ETFs made it safer for institutional investors to enter the market, with firms like Morgan Stanley now allowing their financial advisors to solicit investments in Bitcoin. He mentioned that the launch of spot Bitcoin ETFs, particularly BlackRock’s, saw great success, with it being the most successful ETF launch in history, garnering $23 billion in assets under management.

While many in the industry expected Bitcoin’s price to reach higher levels by now, the timeline has been impacted by regulatory hurdles and market volatility. However, Scaramucci expressed confidence that Bitcoin will eventually reach $100,000.

In discussing the current price action of Bitcoin, Scaramucci mentioned that around 65% of the inflows are going into spot Bitcoin ETFs, with the remaining 35% going directly into Bitcoin. He highlighted that the ease of buying Bitcoin through spot ETFs and storing it in brokerage accounts is contributing to this trend. He also pointed out that Wall Street, known as a “selling machine,” has yet to fully tap into the potential of Bitcoin and other digital assets.

The conversation also touched on the regulatory environment and its impact on cryptocurrency. Scaramucci mentioned that while former President Donald Trump initially criticized Bitcoin, there has been a noticeable pivot in his stance, as well as in the broader political landscape. He noted recent comments by Senator Chuck Schumer about the possibility of passing crypto legislation by the end of 2024, suggesting that there could be growing bipartisan support for crypto regulation heading into 2025 and 2026.

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