Bitcoin is currently trading near $113,000. SkyBridge Capital founder Anthony Scaramucci discusses institutional adoption in crypto and predicts further growth.
Supply Crunch Supports Higher Targets
Scaramucci remains confident in Bitcoin's fundamentals, pointing out that only 450 new bitcoins are mined daily while demand significantly outstrips supply. His firm has set year-end price predictions in the $180,000 to $200,000 range. Scaramucci remarked, 'We have seen cycles of pain and euphoria, but the math is clear: there is simply not enough new issuance to meet growing demand.'
Expanding Bitcoin Investment Paths
When discussing the choice between buying Bitcoin directly, ETFs, or investing through companies like MicroStrategy, Scaramucci noted all avenues as valid but differentiated. Institutions restricted from holding Bitcoin directly often opt for ETFs or Bitcoin-linked stocks, while purists and long-term holders still prefer direct ownership. Even banks like JPMorgan are now lending against Bitcoin, underscoring its growing reliability. SkyBridge itself continues to hold substantial amounts of Bitcoin.
Stablecoins and the Future of Payments
Scaramucci also addressed the growing stablecoin market, including Wyoming's announcement of its own dollar-backed token. He views the growth of stablecoins as supportive of the US dollar and Treasury markets while fostering new payment rails that could bypass costly intermediaries like credit card companies. At past SkyBridge events, attendees tested stablecoin-based payments in Bermuda, with instant settlement proving both efficient and user-friendly. He expects further consolidation in the sector, with private companies driving innovation rather than a government-issued central bank digital currency.
Anthony Scaramucci emphasizes that Bitcoin continues to gain traction with institutional investors while forecasting further growth due to supply shortages and expanding investment options.
