After recounting some events associated with Bitcoin (BTC), SkyBridge founder Anthony Scaramucci they concluded that BTC’s growth fundamentals are right before us.
The Bitcoin ETF and MicroStrategy Analogy
While the spot Bitcoin ETF ecosystem has seen significant flows in the last few days, the SkyBridge founder highlighted that these flows are synonymous with the volume of Bitcoin (BTC) that MicroStrategy’s former CEO Michael Saylor purchases every 30 days.
It is not conceded that MicroStrategy holds the largest Bitcoin portfolio amongst its Wall Street peers. The business software intelligence firm adopted a strategy for the leading cryptocurrency by market capitalization in 2020, amidst the global pandemic. Michael Saylor’s MicroStrategy continues to buy Bitcoin and shows no sign of selling its holding soon.
Since the United States Securities and Exchange Commission (SEC) gave its support to spot Bitcoin ETFs, the nascent niche has seen huge flows. The total flows for spot Bitcoin ETF have now surpassed $1.6 billion and while this is an outstanding figure, it is still in close competition with the volume of Bitcoin registered by only MicroStrategy.
Scaramucci also compared the length of days it takes for MicroStrategy’s Bitcoin acquisition now to what it would become when the much anticipated halving event happens. If the spot Bitcoin ETF products already stack as much BTC as MicroStrategy within 30 days, he believes that they would be able to achieve the same volume in a space of 15 days post-halving.
Bitcoin ETFs flows are an @Saylor every 30 days. Halving makes that 15days. Then comes more Saylors (Corps with changed FASB rules). Then more use cases. And states and countries. RIAs. Then declining interest rates then money printing. The fundamentals are right there…
— Anthony Scaramucci (@Scaramucci) February 8, 2024
Furthermore, he noted that in the coming days, there would be more use cases for Bitcoin
Scaramucci’s Bullish Stance on Bitcoin (BTC) Price
These statements confirm that the SkyBridge founder is very bullish about Bitcoin. His stance about the possibility available to the price of the flagship cryptocurrency has not changed over time, rather, he has become bolder.
Right after the SEC approved the Bitcoin ETF applications, Scaramucci predicted that the coin would reach new highs. In light of the upcoming halving event, he also mentioned Bitcoin could have a market value of $170,000.
At this time, the coin is not even halfway to $170,000 as it is currently trading at $45,104.56 and has had more than a 3% increase in its value within the last 24 hours.
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