Anthony Scaramucci, the founder of Skybridge Capital has expressed his views, on the future of Bitcoin. He believes that regardless of the U.S. Securities and Exchange Commissions decision on a spot bitcoin exchange traded fund (ETF) Bitcoin BTC -2.59% has the potential to reach a trillion dollar market value. Scaramucci also points out the increase in Bitcoin wallets and the growing acceptance of digital currency worldwide as key factors in driving its value to unprecedented levels by 2024. Encouraging individuals he suggests considering Bitcoin as a store of value” to gold and recommends allocating, up to 5% of ones investment portfolio towards this cryptocurrency.Skybridge Capital, the company he works for has increased its investment, in Bitcoin as its value has grown. The price of the cryptocurrency has jumped by 145% since the beginning of 2023.
Scaramucci also discussed the long term potential of Bitcoin as an investment acknowledging its nature and emphasizing the importance of patience in this changing market. He criticized Jamie Dimon, the CEO of JPMorgan for suggesting that the crypto industry should be dismantled. Scaramucci speculated that Dimon may reconsider his position on assets as regulations continue to evolve.
Additionally Scaramucci encouraged Senator Elizabeth Warren to gain an understanding of Bitcoins capabilities and highlighted its potential to help those without access to banking services a cause championed by Warren herself. He disclosed that Skybridge Capitals investments in cryptocurrencies have seen a growth of 130% attributing it to adoption and the increasing usage of digital wallets.
Despite these achievements Scaramucci advised investors to approach cryptocurrencies with caution. Recommended starting with an allocation ranging from 1% to 3%. For those seeking an strategy he suggested considering an allocation, up to 5%.