Anthony Sacramucci: Bitcoin’s capitalization could reach $ 12 trillion

Anthony Scaramucci, founder and CEO of SkyBridge Capital, believes that the total market capitalization of bitcoin BTC $95,982.38 Bitcoin -1.27% Market capitalization $1.9 trillion VOL. 24 hours $1.7 billion could grow more than 13 times compared to the current state of affairs.

In a new interview with CNBC, Scaramucci said that the total market capitalization of BTC could reach unprecedented levels after the approval of a bitcoin spot exchange-traded fund (ETF):

«…If there is a sale of [після схвалення спотового біткоїн-біржового фонду] in the news, I will be surprised because it feels like there is a demand for several billion dollars in the market.

And remember, these 12 issuers [спотових біткоїн-ETF] want to get off to a strong start. And I think they have pent-up demand…

We entered this market in 2020 and we like it in the long run. We believe that bitcoin can eventually become the same or even overtake gold in terms of market capitalization. It may take decades, but it is very promising.

And the fact that the Securities and Exchange Commission is going to authorize its use in brokerage accounts, I think, is very important… Now that Wall Street is involved, they’re going to sell this product to their best investors."

The World Gold Council estimates that the amount of the precious metal mined throughout history is approximately 209,000 tons, valued at approximately $ 12 trillion. The market capitalization of bitcoin is currently almost $ 893 million.

The CEO of SkyBridge Capital also believes that bitcoin could benefit from the Federal Reserve’s plans to ease monetary policy:

«I think more liquidity in the markets is better for bitcoin. People who study bitcoin and work with it recognize it as a digital asset store. They see it as a digital form of gold. And if there is an easing in the interest rate cycle, it means that there will be more liquidity. And I think that will be better for bitcoin. It will find its way into more model portfolios.»

According to the analytical tracker CoinMarketCap, at the time of writing, the flagship cryptocurrency lost 2.16% per day. The market capitalization of bitcoin dropped to $ 902.1 billion, and traders made daily trading deals worth $ 43.6 billion. BTC’s dominance in the market amounted to 51.1%. The Fear and Greed Index held at 73 points.