Anthony Scaramucci, founder of SkyBridge Capital, is still confident that BTC will hit $100,000 at some point, albeit later than expected. He blames this delay on the prevailing legal ambiguities and other market conditions. Nevertheless, he stated that Bitcoin’s fundamentals are still sound, and the increasing adoption by institutions is a major bullish factor.
According to Scaramucci, another factor contributing to Bitcoin’s (BTC) rebound this year is the SEC’s recent approval of spot Bitcoin ETFs. This approval has boosted confidence in the cryptocurrency market and brought in traditional investors. Therefore, Bitcoin’s recognition as a financial instrument has grown, and more institutions have begun using it.
Although the timeline for BTC’s reach of $100,000 has been pushed back, Scaramucci is still optimistic about the goal. According to him, Bitcoin will prevail over the existing problems with increased regulatory standards. The renewed interest and adoption of Bitcoin are testaments to its potential as a future store of value.
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Should you think of $BTC as a store of value? Skybridge Capital's Anthony Scaramucci talks about the digital asset and why he thinks it can still get to $100k. pic.twitter.com/QzX4XxcETj
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Scaramucci Confident in Bitcoin’s Long-Term Value
In an interview in 2022, Scaramucci mentioned that Bitcoin had a very tough year as the industry struggled with certain issues and macroeconomic conditions. He points out that regulatory ambiguity and a number of cryptocurrency-related fraud cases have influenced the bearishness of the market. However, Scaramucci still believes that the future of Bitcoin is bright.
Therefore, the delay in attaining $100,000 can be attributed to these external factors rather than the value of Bitcoin. Scaramucci stresses that the correction period was required for the market to regain its balance. In his view, as the market continues to evolve, the price of Bitcoin will likely rebound and continue its uptrend due to growing demand and institutional investors.
Scaramucci said the SEC’s approval of spot Bitcoin ETFs was a game changer. This has given the market added credibility and attracted more conventional investors. Consequently, Bitcoin remains intact as a store of value even with the current fluctuations.
Bitcoin’s Store of Value Potential Grows Stronger
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Scaramucci also compares Bitcoin with gold, especially in light of the recent increase in the price of gold. He points out that gold has risen by 30% in the last two years, but Bitcoin is still a potent store of value. This perspective aligns with the rising usage of Bitcoin, as reflected by the number of wallets and applications worldwide.
Gold fans have criticized Scaramucci, but he is convinced that Bitcoin has the potential to be a store of value. With more institutions and individuals using Bitcoin, its benefits are more easily seen. This increasing usage is anticipated to propel the BTC price upward even if the timeline to $100,000 is longer than expected.
