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Anthony Scarramucci emphasizes that Bitcoin is a store of value, arguing that it would close in on gold’s $17 trillion market cap.
SkyBridge Capital co-founder and managing partner Anthony Scaramucci has predicted that Bitcoin will hit $150,000 to $200,000 soon enough. In an interview with the Schwarb network, the crypto OG noted that this would happen as the number of Bitcoin wallets hits 1 billion.
Notably, Bitcoin wallets are currently on the rise amid a surge in adoption. Data from Chainalysis shows there were over 460 million Bitcoin wallets as of March 2024, with 10% of them holding at least $1. Further wallet analysis reveals that there are currently 78 million Bitcoin wallets with at least $1, showing an increased inclination to the asset.
Scaramucci noted that he sees Bitcoin trading at a market cap closer to gold. The SkyBirdge co-founder asserted that Bitcoin was a store of value like gold. As a result, its value should correlate with that of the precious metal.
Gold’s estimated market cap is $17 trillion, while Bitcoin’s is $1.12 trillion. According to Scaramucci, Bitcoin has further upsides, as its market cap and price would trend higher and closer to gold’s. For context, Bitcoin’s price would hit $863,000 if its market cap matches that of gold at the current circulating supply.
Scarramucci Rues Regulatory Hurdles
The former White House Communications Director also discussed the regulatory uncertainty in the US, affirming that it has hampered the growth of cryptocurrencies.
He noted that the Securities and Exchange Commission (SEC) boss, Gary Gensler, has resorted to the regulation-by-enforcement approach to digital assets. Scaramucci believes this approach has slowed down adoption, a view multiple crypto industry leaders hold.
Scarramucci pointed to the FTX implosion and the close relationship its indicted founder, Sam Bankman-Fried, had with Gary and Senator Elizabeth Warren as a possible cause of the incessant clampdown. However, the SkyBride co-founder noted that such actions were hurting good actors in the crypto space and the blockchain sector at large.
Stablecoins Could Keep Dollar’s Relevance
According to Scarramucci, the latest BRICS push to create supplementary currency and digital assets that could substitute the dollar would falter. He noted that if the US government upholds stablecoins like Tether’s USDT and Circle’s USDC, the dollar would have more utility worldwide and maintain relevance.
The stablecoin sector has grown significantly over the years, with major contributions from USDT. The exploits of the Tether-owned stablecoin have been reflected on its balance sheet, as it declared a record net profit of $5.2 billion in the first half of the year.
Scarramucci cited that Tether had more Treasury than top countries like Germany and Japan. Hence, the US regulator should leverage the growing sector to keep the dollar’s relevance alive.