Anthony Scaramucci, SkyBridge Capital’s founder and former White House communications chief, remains steadfastly optimistic about Bitcoin’s prospects despite its value being notably below its record peaks. At the Messari Mainnet conference in New York, he shed light on why he still has a bullish perspective on cryptocurrency.
During his “Why I’m still bullish” session, Scaramucci advised Bitcoin enthusiasts against selling their holdings. “If you got your bitcoin, I wouldn’t sell your bitcoin; you made it through winter,” he was quoted saying by Business Insider. This suggests his belief that the most challenging phase of the bearish market is in the rearview.
Moreover, Scaramucci sees the youth as pivotal in pushing Bitcoin into the mainstream. He drew a parallel between the younger generation’s inclination towards Bitcoin and his generation’s adoption of the internet. “The next 10 to 20 years are remarkably bullish [for Bitcoin],” he added, highlighting the long-term potential of the cryptocurrency.
However, Scaramucci is not blind to the hurdles Bitcoin faces. He recognizes the existing challenges: escalating interest rates, a seemingly hostile stance from the Securities and Exchange Commission (SEC) head, and an apprehensive sentiment about crypto adoption. Yet, he remains confident about its widespread adoption, especially once Bitcoin exchange-traded funds (ETFs) gain more traction among institutional investors.
He expanded on this by stating, “Every Wall Street firm is going to have a Bitcoin ETF in their arsenal.” Scaramucci emphasized the transformative power of these ETFs. He believes that when such esteemed institutions back Bitcoin ETFs, it’s inevitable that they’ll promote them to their clients. Consequently, “The market [for bitcoin] is going to widen,” he added. This widening he refers to will potentially herald an era of extensive adoption and market growth.
While the cryptocurrency landscape continually evolves with its fair share of ups and downs, industry stalwarts like Scaramucci firmly believe in its lasting potential.