In a recent interview with CNBC, Anthony Scaramucci, the CEO of SkyBridge Capital, made a bold prediction about the future of Bitcoin (BTC). He believes that BTC will surpass its all-time high by the end of 2024, thanks to the approval of spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC). This approval is a significant milestone for Bitcoin and cryptocurrency adoption, as it provides retail investors with easier access to the leading digital asset.
The approval of 11 spot Bitcoin ETFs by the SEC has been long-awaited by the crypto community. With these ETFs now available for listing and trading on major exchanges such as Nasdaq, NYSE, and CBOE, retail investors have a new avenue to invest in BTC. This development is expected to accelerate the adoption of cryptocurrencies and provide an alternative to the current financial system.
Scaramucci, who served as the White House Communications Director in 2017, shares the sentiment of the crypto community regarding the impact of the SEC’s decision. He believes that this event is a “really big breakthrough for Bitcoin as a digital asset” and will lead to BTC reaching new heights. In fact, Scaramucci predicts that Bitcoin will not only surpass its previous all-time high by January 2025 but will also experience significant growth throughout the coming year.
Bitcoin reached its current all-time high in November 2021 during the peak of the bull market. However, the subsequent bear season in 2022 led to a price collapse not only for Bitcoin but also for the entire crypto market. Despite this setback, Bitcoin’s price experienced a 150% increase in 2023 due to factors such as the approval of spot Bitcoin ETFs and the anticipation of the fourth Bitcoin halving. These positive developments have contributed to renewed excitement and bullish sentiment in the crypto space.
Scaramucci reflects on the challenges faced by his company, SkyBridge Capital, in 2022. The bear market took a toll on their investments. However, in 2023, the company gradually acquired BTC, Ether (ETH), and Solana (SOL), leading to a successful year. Scaramucci sees the SEC’s approval of BTC ETFs as an endorsement of Bitcoin and an opportunity for investors to add the digital asset to their brokerage accounts. When asked if he would personally invest in the ETFs, Scaramucci enthusiastically confirmed that he would be a buyer.
Anthony Scaramucci’s prediction about Bitcoin reaching its all-time high by the end of 2024 brings optimism to the crypto community. The approval of spot Bitcoin ETFs by the SEC marks a pivotal moment in the adoption of cryptocurrencies, providing retail investors with easier access to BTC. As Bitcoin continues to recover from the bear market, driven by positive developments and growing interest, it remains to be seen whether Scaramucci’s prediction will come true. Nonetheless, his outlook demonstrates the increasing confidence and enthusiasm surrounding the future of Bitcoin and digital assets.