Anthony Scaramucci, founder and CEO of SkyBridge Capital, predicted that Bitcoin (BTC) will reach an all-time high in 2024 following the approval of spot Bitcoin ETFs.
In an interview with CNBC, Scaramucci predicted that BTC will reach an all-time high by January 2025 as the SEC approves retail investors' access to Bitcoin.
Approval of Spot Bitcoin ETFs
The SEC approved 11 spot Bitcoin ETFs on January 10, 2024. These ETFs were listed on US exchanges such as Nasdaq, New York Stock Exchange (NYSE), and Chicago Board Options Exchange (CBOE) on January 11.
The SEC's approval of spot Bitcoin ETFs is expected to increase demand for Bitcoin and adoption of cryptocurrencies.
Scaramucci's Predictions
Scaramucci stated that the SEC's approval of spot Bitcoin ETFs is a turning point for Bitcoin and that this development is "a really big breakthrough for Bitcoin as a digital asset."
Scaramucci said the following on the subject:
“I believe this approval is a more significant story than expected for the cryptocurrency market in general. “I believe that Bitcoin (BTC) will probably hit an all-time high before the end of the year and surpass this level in 2025.”
Price Performance of BTC
Bitcoin (BTC) set an all-time high of $69,000 in November 2021. However, as of 2022, there was a significant decrease in its price as a result of the collapses and macroeconomic developments in the cryptocurrency market.
In 2023, Bitcoin (BTC) gained 150% in value and remained 30% behind its level in November 2021.
Scaramucci's Investments
Scaramucci stated that 2022 was very brutal for the company SkyBridge, but they reversed this with the gradual investments they made in BTC, Ether (ETH) and Solana (SOL) in 2023.
Scaramucci expressed his support for Bitcoin, oddly enough, after the SEC allowed investors to add BTC to their brokerage accounts.
Spot Will Invest in Bitcoin ETFs
He also asked CNBC reporter Anthony Scaramucci if he would invest in spot Bitcoin ETFs. Scaramucci responded positively to this question and stated that he was one of the enthusiastic buyers.
