Bitcoin has more scope as Wall Street’s “selling machine,” creating huge demand for BTC: Anthony Scaramucci
Anthony Scaramucci, founder of SkyBridge Capital, says Bitcoin (BTC) has more upside potential from current levels due to solid demand and dwindling supply.
In a new CNBC interview, the hedge fund veteran says the approval of Bitcoin spot market funds (ETFs) has removed regulatory hurdles for BTC and allowed new pools of capital to be allocated to the crypto king.
Scaramucci also says he sees prices for leading cryptocurrencies rising as Wall Street gobbles up thousands of BTC per day, while Bitcoin is almost ready to halve the issuance of new supplies through the halving.
“When Wall Street gets a product like this, it is like a sales machine and creates a lot of demand for the product. And I think we're surprised that there was over $10 billion in new inflows in the first quarter for something like Bitcoin… It took a year for GLD, the gold ETF, to get to $10 billion came. This was successful in 25% of cases.
And in order not to bore everyone, Bitcoin – the network – spits out 900 coins every day. That's expected to be halved on April 20th or so, bringing you down to 450 coins. You probably have a base demand of 2,000 to 3,000 coins at a time when supply is cut.
You said earlier that the ETF was priced in. Now they say the halving is priced in. I don't think so either. I think Bitcoin has a lot more to offer here.”
At the time of writing, Bitcoin is trading at $69,320, up nearly 2% over the past day.
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