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Anthony Scaramucci, the founder of SkyBridge Capital, has drawn a significant comparison across the cryptocurrency and tech sectors.
According to Scaramucci, the potential impact of exchange-traded funds (ETFs) on Bitcoin could mirror the transformative effect of artificial intelligence (AI) on Nvidia's market valuation.
This statement comes at a time when Nvidia has achieved a remarkable milestone, surpassing the entire cryptocurrency market in terms of market capitalization.
Meanwhile, Bitcoin has surged past the $60,000 mark, largely driven by the burgeoning interest in Bitcoin ETFs, heralding what many see as a new era for the digital asset.
Nvidia's meteoric rise
Nvidia's market capitalization recently soared past the $2 trillion mark, eclipsing the total valuation of the cryptocurrency market, which stands at $1.95 trillion.
Nvidia's processors, which are at the heart of the most advanced AI systems, have become indispensable in a variety of industries, fueling an unprecedented boom in the company's growth.
This surge in Nvidia's market cap has propelled it beyond Amazon, positioning it as the world's fourth-largest company, albeit still trailing behind behemoths like Microsoft and Apple.
"Unreal success": Bitcoin's ETF boom
Parallel to Nvidia's triumph in the AI domain, Bitcoin has experienced a significant rally, with its price exceeding $60,000.
This surge is attributed to the growing enthusiasm for Bitcoin ETFs, a development that has not only attracted a wave of investment but also sparked optimistic forecasts for the cryptocurrency's future.
The iShares Bitcoin ETF, in particular, has seen a remarkable influx of assets, amassing over $8 billion in less than seven trading weeks.
This success story is indicative of a broader trend, with institutional investors and advisors increasingly looking to allocate resources to these products.