🌎 Scaramucci on Bitcoin Price Recovery

Bitcoin Price Reflects True Value, Says Anthony Scaramucci

Anthony Scaramucci, founder and managing partner of SkyBridge Capital, recently shared his thoughts on the current Bitcoin price. Speaking on CNBC’s ‘Squawk Box’ segment, Scaramucci stated that the cryptocurrency’s price of around $98,000 is “where it should have been in 2022.”

According to Scaramucci, the delay in the approval of a Bitcoin spot exchange-traded fund (ETF) in January 2024, which he believes should have occurred in the first quarter of 2022, “caused a lot of the price damage.” This delay led to Bitcoin‘s prolonged weakness throughout most of 2022. However, the cryptocurrency has since recovered, surpassing $60,000 in March 2024.

Regulatory Environment and Market Catalysts

Scaramucci attributes the current crypto market’s stability to the Trump White House implementing “propitious, decent, middle-of-the-road regulation.” He also pointed to several near-term catalysts that could help Bitcoin recover lost ground.

Some of these catalysts include:

Growing interest from university endowments, such as Emory University, which disclosed a stake in Grayscale’s Bitcoin ETF in late 2024.
The potential launch of a Bitcoin investment fund by the University of Austin.
The possibility of a Bitcoin strategic reserve fund in the U.S., which Scaramucci believes “will likely happen at a small level.”
Sovereign wealth funds in the Middle East “quietly” building crypto positions.

Scaramucci noted that the U.S. strategic reserve holds nearly 30 different assets, and Bitcoin is “an asset the country will want to own.”

What’s Next for Bitcoin?

As the crypto market continues to evolve, investors are watching Bitcoin closely. With growing interest from institutional investors and the potential for increased regulation, the future of Bitcoin looks promising.