SkyBridge Capital’s founder Anthony Scaramucci says Bitcoin (BTC) could soar to a $15 trillion market cap, a massive 2,662% despite recent regulatory hurdles and market tightening factors.
The manager restated his bullish stance on the OPTO – Invest in Innovation podcast commenting on wide issues ranging from elections, the financial market, the price and future adoption of Bitcoin.
Expressing optimism about the growth of the asset, he noted that with the present situation of the market, there is a potential for BTC to soar to become a $15 trillion asset more valuable than gold.
“I think Bitcoin could easily be a $15 trillion asset,” he said, adding that he owns the asset for similar reasons.
Despite the forecast on Bitcoin, he criticized the present financial market describing it as broken, requiring at least 15- 20 years to fix with adequate planning.
He disagreed with Bitcoin maxis on their views concerning the asset becoming the ultimate currency replacing others adding that it could become a store of value and exist with other currencies without “being the universal standard of money.”
AI: It is here to stay
On the Artificial Intelligence (AI) boom, he commented that there may be a bubble but it shouldn’t stop people from investing in related stocks as AI would change the way we interact with our environment and jobs.
He compared the potential adoption to the rise of cloud computing. According to him, the service did not get much traction in its early years because people were skeptical but has now received wide acceptance because it’s cheap and more efficient.
“AI will get adopted, replace people’s jobs, not a bad thing….. it would be a quantum leap and elevate living standards for the world. Generally a good thing and people need to be invested in it.”
The future of money
Scaramucci backs blockchain technology over traditional banking methods because it replaces third-party intermediaries making transactions more efficient.
He suggests that the money that could be saved globally from limiting these financial institutions can be diverted as capital for more financial investments that would benefit people and societies.
Despite the utilities of digital assets particularly Bitcoin, the market continues to be plagued with regulatory issues leading to poor investments around the sector.
In the podcast, Scaramucci lamented the role of the Feds in the scheme of things stating they don’t appreciate the true potential of Bitcoin filing shots at Jenet Yellen and Gary Gensler.
Gary Gensler has been heavily criticized by the wider crypto community for his role in the rigid regulatory process that has led to lawsuits between the Securities and Exchange Commission (SEC) and crypto projects, a situation many suggest will drive investment out of the United States.