Here's What It Will Take For Bitcoin To Realize $1M Dream According To Anthony Scaramucci
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SkyBridge Capital Managing Partner Anthony Scaramucci has weighed in on what it would take for Bitcoin to reach $1 million.
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Cryptocurrency regulations play a critical role in Scaramucci’s analysis.
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President Donald Trump’s involvement in the industry has threatened to derail the progress of cryptocurrency bills.
Amid a market resurgence in recent weeks, investors in Bitcoin, the largest cryptocurrency by market capitalization, have grown increasingly optimistic and $1 million price predictions are again flooding headlines. Recently, SkyBridge Capital Managing Partner Anthony Scaramucci has weighed in on what it would take for the asset to achieve this seemingly far-flung dream.
A Part Of The World’s Financial Services Architecture
In an interview with prominent market commentator Anthony Pompliano last week, Scaramucci said there will need to be more buy-in from market players with trillions of dollars in capital, particularly sovereign wealth funds, for Bitcoin’s price to hit the $1 million mark.
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“If you want to see a million dollar Bitcoin, that’s when somebody at a sovereign says, Okay, this is part of the infrastructure of the world’s financial services architecture, a result of which I have to own some of this property,” he said.
Sovereign wealth funds are state-owned investment funds typically fueled by excess revenue. Norway boasts the largest sovereign wealth fund, with $1.74 trillion in assets. According to the Sovereign Wealth Fund Institute, there are about 100 sovereign wealth funds holding about $13.75 trillion in total.
While a few of these funds already boast some Bitcoin exposure, most remain on the sidelines.
The sovereign wealth funds with known Bitcoin exposure include Bhutan’s Druk Holding and Investment with over 12,000 BTC worth about $1.24 billion, Wisconsin Board of Commissioner of Public Lands with 6 million shares of BlackRock’s (NYSE:BLK) spot Bitcoin ETF IBIT currently worth nearly $351 million and Abu Dhabi’s Mubadala Investment Co. with 8.2 million IBIT shares worth $479 million. Meanwhile, Norway’s fund has indirect exposure to the asset through investments in firms such as Coinbase Global (NASDAQ:COIN) and Strategy.
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