BlackRock's potential Bitcoin ETF could lead to a staggering $600 trillion market capitalization, claims Scaramucci.
Anthony Scaramucci, the founder of SkyBridge Capital, has made a bold prediction about the future of Bitcoin. If BlackRock were to approve a Bitcoin exchange-traded fund (ETF), Scaramucci estimates that it could attract $100 billion in institutional investments and potentially skyrocket Bitcoin's evaluation from its current $600 billion to a staggering $600 trillion.
Scaramucci's prediction is based on BlackRock's growing involvement in the cryptocurrency market. The financial giant has positioned itself as a leader in Bitcoin spot ETFs, having applied for a Bitcoin spot ETF in the US and dominating the market with large inflows and high assets under management. BlackRock currently holds 735,000 BTC, worth approximately $86 billion, in its Bitcoin ETF.
However, Scaramucci's prediction does not come without caution. He emphasizes that having $8.8 billion of customers' funds in a personal account, as was the case with the former FTX CEO Sam Bankman-Fried, is unacceptable. Scaramucci has been vocal about the FTX scandal, criticizing Bankman-Fried's excuses and suggesting that the latter might receive a more lenient sentence due to his "youth and inexperience."
Despite his company's connection with Bankman-Fried, Scaramucci has cooperated with the Department of Justice (DoJ) by providing his text messages, emails, and Signal accounts. The DoJ did not find any substantial evidence linking Scaramucci to the alleged illegal activities at FTX.
Scaramucci's prediction for Bitcoin's price soars even higher, with a potential surge to as high as $330,000 based on the current market price. This estimate is significantly higher than the current evaluation, with Bitcoin's value potentially increasing eleven-fold if the prediction comes to fruition.
As BlackRock awaits regulatory approval amid evolving SEC stances and recent favorable court decisions for crypto assets like Bitcoin and XRP, the potential approval of a Bitcoin ETF could indeed mark a significant milestone in the cryptocurrency's history. The influx of institutional investments, as predicted by Scaramucci, could propel Bitcoin to new heights, making it a more mainstream investment option for institutions and individual investors alike.
