Bitcoin's price soared above $28,138 on Monday, driven by investor speculation about possible approval of pending Bitcoin ETF applications, including Grayscale’s Bitcoin spot ETF. The cryptocurrency's market cap is predicted to reach or even exceed $15 trillion, according to SkyBridge Capital's founder, Anthony Scaramucci.
Scaramucci anticipates Bitcoin to grow by 2,662% from its current market cap of approximately $546 billion, based on data from CoinGecko. Amidst a faltering U.S. financial system, he sees Bitcoin surpassing gold in value and confirms SkyBridge's significant Bitcoin ownership due to these factors.
The SEC's recent decision not to appeal an August court ruling concerning Grayscale’s ETF application led to a 4.8% gain in Bitcoin over the past 24 hours. This reinforces Scaramucci's prediction of Bitcoin becoming a $15 trillion asset.
In a podcast, Scaramucci argued that despite not seeing it as a universal currency, Bitcoin could become a store of value due to its scarcity. He criticized the existing financial system and advocated for strong leadership for reform over two decades.
He expressed disappointment with Sam Bankman-Fried of the now-bankrupt FTX exchange, which had bought 30% of SkyBridge, and expects his conviction. Amid the U.S.'s $33 trillion "debt death spiral," Jefferies analysts warn of a potential dollar crash due to the Federal Reserve's money printing, which could boost Bitcoin's price.
Christopher Wood of Jeffries identifies Bitcoin and gold as "critical hedges" against inflation amidst G7 central banks' aggressive interest rate hikes and unconventional monetary policies. These measures have led to institutional collapses like Credit Suisse (SIX:CSGN), which was subsequently acquired by UBS.
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