Bitcoin Could Surge 11-Fold with Blackrock’s ETF Approval

Bitcoin Could Surge 11-Fold

Skybridge Capital’s Anthony Scaramucci has made a bold prediction about the potential impact of the U.S. Securities and Exchange Commission (SEC) approving Blackrock’s bitcoin exchange-traded fund (ETF).

Speaking in an interview with Altcoin Daily, Scaramucci expressed optimism about the future of Bitcoin and also touched upon his interactions with SEC Chair Gary Gensler and the legal situation involving Sam Bankman-Fried, the former head of FTX and a significant stakeholder in Skybridge Capital.

Scaramucci noted his early involvement with Blackrock’s Bitcoin ETF, as he was its first external investor. He went on to address the ongoing matter with Sam Bankman-Fried, who currently faces legal issues. Scaramucci indicated that he is in discussions with the bankruptcy estate related to this case and has no plans to testify in the trial.

Regarding his opinion of Bankman-Fried, Scaramucci did not mince words, labeling him as a “fraud.” He criticized Bankman-Fried’s attempts to justify his actions, stating that one cannot have billions of dollars from customers in their personal account, regardless of the excuses.

Despite the severity of the allegations, Scaramucci speculated that Bankman-Fried might receive a relatively light sentence due to his age.

When discussing Bitcoin’s future, Scaramucci made an eye-catching prediction. He suggested that if Blackrock’s spot bitcoin ETF garners SEC approval, the cryptocurrency’s value could increase significantly.

Scaramucci believes that if major financial entities’ ETFs gain regulatory approval, there could be substantial capital inflows into Bitcoin, potentially resulting in an 11-fold increase in its valuation.

He emphasized the magnitude of such an influx, noting that Bitcoin’s market cap could transition from $600 billion to a staggering $600 trillion.

Additionally, Scaramucci shared insights from his past interactions with Gary Gensler during their time at Goldman Sachs.

He described Gensler, the current SEC chair, as “roundly disliked” by their former colleagues at the investment bank. Scaramucci speculated that Gensler’s dissatisfaction may have been influenced by Sam Bankman-Fried’s lavish spending in Washington.

Referring to Gensler as “sanctimonious righteous,” Scaramucci suggested that Gensler’s approach to crypto regulation might remain stringent for the foreseeable future.

He pointed out that, despite this, Gensler had shown an early understanding of cryptocurrency, as evidenced by his 2018 teachings at MIT. Scaramucci highlighted that Gensler’s stance on crypto has evolved over the years, even before many others in the financial sector grasped its significance.

MicroStrategy’s Profitable Journey

Michael Saylor’s MicroStrategy is now reaping the benefits of its $4.68 billion Bitcoin (BTC) investment as the cryptocurrency’s price surges.

MicroStrategy, headquartered in Tysons, Virginia, has turned a significant profit of $343 per BTC, thanks to the recent surge in Bitcoin’s price.

MicroStrategy’s venture into the highly volatile world of Bitcoin investment is proving to be a lucrative endeavor, thanks to the recent price increase of Bitcoin. The company’s approach has been calculated and strategic, resulting in both profitability and plans for further expansion.

MicroStrategy’s Bitcoin journey began with an initial investment at an average purchase price of $29,582 per BTC.

With Bitcoin prices currently around $29,925, the company is now enjoying a substantial profit of $343 per BTC. In total, they hold 158,245 BTC, resulting in an overall profit of $54.27 million.

However, MicroStrategy is not resting on its laurels. The company has announced its intentions to acquire even more Bitcoin, and they plan to sell shares of stock to fund this expansion.

Saylor’s Vision for Bitcoin

Last year, Michael Saylor transitioned from being MicroStrategy’s CEO to becoming the chairman, allowing him to focus solely on the company’s Bitcoin investment strategy. His unwavering belief in Bitcoin’s transformative potential for the financial landscape and its ability to redefine our understanding of money and finance was the driving force behind this change.

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Saylor firmly believes that Bitcoin is a superior store of value compared to gold. He envisions Bitcoin’s underlying blockchain technology being versatile, finding applications in smart contracts, decentralized finance (DeFi), and even voting systems. His vision entails Bitcoin forming the foundation of a new, more transparent, secure, and efficient financial system.

Saylor’s unshakeable faith in Bitcoin’s potential has fueled MicroStrategy’s ongoing investment in the cryptocurrency. Their calculated strategy of purchasing BTC at an average price of $29,582 has proven to be a profitable move.