Bitcoin’s growth potential is gaining attention, with Anthony Scaramucci, the founder and managing partner of SkyBridge Capital, expressing his belief that Bitcoin’s market capitalization could surge to $15 trillion. This would represent a substantial increase of around 2,660% compared to its current market capitalization of $540 billion.
In a recent interview on the OPTO – Invest in innovation podcast, Scaramucci emphasized his optimism for Bitcoin. He suggested that Bitcoin could evolve into a $15 trillion asset, potentially surpassing the value of gold.
He also discussed the concept of Bitcoin as a store of value, stating that they hold a significant amount of Bitcoin in their portfolio at SkyBridge Capital.
However, he did not foresee Bitcoin becoming the universal standard of money, pointing out that nations unfriendly to the US might start using BTC or gold-backed cryptocurrencies after the US employed the dollar for geopolitical leverage.
Scaramucci criticized the current financial system as “broken” and called for strong leadership to drive a revival, acknowledging that such a transformation would require 15 to 20 years to come to fruition.
Furthermore, he speculated that Bitcoin’s market capitalization could lead to a price per coin of over $700,000 due to its limited supply of 21 million coins, a significant leap from its current price of roughly $28,000.
On a personal note, Scaramucci shared his disappointment with Sam Bankman-Fried, the founder of the now-defunct FTX exchange, which had acquired a 30% share in SkyBridge last September.
However, FTX faced financial difficulties and filed for bankruptcy in November, leading Scaramucci to anticipate legal consequences for Bankman-Fried, given the guilty pleas of some of his former associates.
In the context of the US’s mounting debt, Scaramucci’s comments align with concerns about a “debt death spiral.” Jefferies analysts have warned that the Federal Reserve may resort to additional money printing, potentially devaluing the US dollar and boosting the price of Bitcoin as it competes with gold.
Christopher Wood, global head of equity strategy at Jefferies, described Bitcoin and gold as “critical hedges” against the resurgence of inflation, given central banks’ continued commitment to expanding their balance sheets.
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Ferrari now accepts Bitcoin payments in the US
In a related development, Ferrari has introduced the option of paying for its luxury cars with Bitcoin in the US, with plans to extend the payment method to European and international markets.
Enrico Galliera, Ferrari’s marketing and commercial chief, noted that wealthy customers had advocated for this option, as Bitcoin appeals to both cryptocurrency enthusiasts and traditional investors seeking portfolio diversification.
While Bitcoin is known for its volatility, it offers an alternative to conventional currencies like the US Dollar and Australian Dollar, which have their own fluctuations.
Ferrari’s decision to accept Bitcoin payments reflects the growing acceptance of cryptocurrencies in various industries, despite the energy concerns associated with Bitcoin mining. Initially, Bitcoin payments will be available in the US, with plans for a broader international rollout.
