Anthony Scaramucci, the founder and managing partner at SkyBridge Capital, maintains a bullish outlook on Bitcoin. He envisions the potential for Bitcoin to increase by a substantial 2,662% from its current market capitalization, which stands at approximately $543 billion.
In a recent appearance on the OPTO — Invest in Innovation podcast, Scaramucci expressed his belief that Bitcoin could evolve into a colossal $15 trillion asset. He emphasized that Bitcoin, in many aspects, holds more value than gold, and he sees it as a potential store of value. Scaramucci revealed that they hold a significant position in Bitcoin due to these convictions.
Despite his optimism regarding Bitcoin, Scaramucci does not anticipate it becoming the universally accepted standard for currency within his lifetime, contrary to the desires of Bitcoin maximalists.
He also speculated on the possibility of unconventional scenarios, where nations that have adversarial relations with the United States might consider conducting trade using Bitcoin or a gold-backed form of currency, rather than the U.S. dollar. Such decisions could stem from the geopolitical influence exerted by the U.S. through its currency.
Scaramucci characterized the current financial system as “broken” and suggested that it could be remedied with the right leadership. However, he acknowledged that this would necessitate a long-term planning horizon of 15 to 20 years.
Scaramucci’s estimation of Bitcoin’s market capitalization implies a per Bitcoin price exceeding $700,000, taking into account its fixed supply of 21 million coins. Presently, the price of Bitcoin hovers around $27,860.
Regarding Sam Bankman-Fried, the founder of the now-defunct FTX exchange, who is currently facing legal proceedings, Scaramucci revealed that he felt let down by him. FTX Ventures had acquired a 30% stake in SkyBridge in September, but subsequently, the crypto exchange declared bankruptcy in November.
Scaramucci expressed his conviction that Bankman-Fried will be found guilty and convicted, given that four of his former colleagues have already admitted their guilt. He believes that Bankman-Fried will face legal consequences for using others’ funds knowingly and committing the fraud. Meanwhile, Bankman-Fried has pleaded not guilty, and his trial is slated to conclude in the coming month.