SkyBridge Capital founder Anthony Scaramucci says Bitcoin (BTC) has more upside potential from current levels driven by solid demand and dwindling supply.
In a new CNBC interview, the hedge fund veteran says that the approval of the Bitcoin spot market exchange-traded funds (ETFs) cleared regulatory hurdles for BTC and allowed fresh pools of capital to be allocated to the crypto king.
Scaramucci also says he sees the leading crypto soaring to higher prices as Wall Street gobbles up thousands of BTC per day at a time when Bitcoin is almost ready to cut the issuance of new supply in half via the halving.
“When Wall Street gets a product like this, it’s like a selling machine and it’s generating lots of demand for the product. And I think we’re surprised that there’s over $10 billion in the first quarter of new flows for something like Bitcoin… It took a year for GLD, the gold ETF, to get to $10 billion. This did it in 25% of the time.
And not to bore everybody, but Bitcoin – the network – spits out 900 coins a day. That’s going to get cut in half probably April 20th or so, and so you’re going down to 450 coins. You probably have 2,000 to 3,000 coins of base demand at a time when supply is going to get cut.
They said earlier that the ETF is priced in. They are now saying the halving is priced in. I don’t believe that either. I think Bitcoin has a lot more to go here.”
At time of writing, Bitcoin is trading for $69,320, up nearly 2% in the past day.
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