October 16, 2023 2:17 PM | 2 min read
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SkyBridge Capital’s Anthony Scaramucci remains optimistic about Bitcoin‘s (CRYPTO: BTC) potential, projecting a staggering 2,662% rise from its present valuation of approximately $543 billion.
Speaking on the OPTO – Invest in Innovation podcast, Scaramucci said Bitcoin could rival a $15 trillion asset class, The Block reported.
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“Bitcoin in many ways is more valuable than gold,” he said, and perceives it as a potential store of value, thereby leading SkyBridge Capital to invest significantly in the cryptocurrency.
In light of these bold predictions and the evolving landscape of digital currencies, discussions on such topics will be spotlighted at Benzinga’s Future of Digital Assets conference on Nov. 14.
Although Scaramucci, previously a White House communications director during former President Donald Trump‘s term, is positive about Bitcoin, he doesn’t foresee it replacing conventional money universally within his lifetime.
He did suggest the possibility of countries adversarial to the U.S. potentially trading with Bitcoin or other gold-backed assets to bypass the U.S. dollar, especially given the way the country leverages its currency in geopolitical maneuvers.
Describing the prevailing financial infrastructure as “broken,” Scaramucci believed it’s rectifiable with competent leadership, albeit requiring a 15 to 20-year strategic outlook.
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Also Read: Crypto Analyst Says Altcoins Could See Steeper Declines Than Bitcoin
Scaramucci estimates Bitcoin could be valued at over $700,000 per coin, taking into account its limited 21 million coin supply.
Currently, Bitcoin’s market price hovers around $27,860.
A notable revelation from the podcast was Scaramucci’s disappointment with Sam Bankman-Fried, the embattled founder of the now-defunct FTX exchange, presently on trial.
“SBF broke my heart,” Scaramucci remarked, referencing FTX Ventures’ 30% acquisition of SkyBridge shares just two months before FTX declared bankruptcy.
Scaramucci speculated a likely guilty verdict for Bankman-Fried, as four of his former associates have already admitted guilt.
Read Next: FTX’s Financial Secrets Emerge In Caroline Ellison’s Explosive Audio On Alameda’s Actions
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“The Best Report Benzinga Has Ever Produced”
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