SkyBridge Capital founder Anthony Scaramucci says Bitcoin (BTC) could rise to a market cap of $15 trillion, a massive 2,662% despite recent regulatory hurdles and market tightening factors.
The coach reiterated his optimistic stance on the OPTO – Invest in innovation podcast discussing broad topics ranging from the election, the financial market, the price and future adoption of Bitcoin.
Expressing optimism about the asset’s growth, he noted that with the current market situation, there is 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 foresight on Bitcoin, he criticized the current financial market as broken, requiring at least 15-20 years to fix with proper planning.
He disagreed with Bitcoin maxis on his views on the asset becoming the ultimate currency to replace others and added that it could become a store of value and exist with other currencies without “being the universal standard of money.”
AI: It’s here to stay
At the Artificial intelligence (AI) boom, he commented that there may be a bubble, but that should not stop people from investing in related stocks, as AI would change the way we interact with our environment and our workplaces.
He likened 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 now it has received wide acceptance because it is cheap and more efficient.
“AI is going to be adopted, it’s going to replace people’s jobs, that’s not a bad thing… it would be a quantum leap and it’s going to raise the world’s living standards. It’s generally a good thing and people have to invest in it.”
The future of money
Scaramucci turns his back blockchain technology over traditional banking methods because it replaces third-party intermediaries making transactions more efficient.
It suggests that the money that could be saved globally by limiting these financial institutions can be diverted as capital for more financial investments that will benefit individuals and societies.
Despite the benefits of digital assets, particularly Bitcoin, the market remains plagued by regulatory issues that lead to poor investments in the sector.
In the podcast, Scaramucci bemoaned the feds’ role in the scheme of things by claiming they didn’t appreciate the true potential of Bitcoin’s photos to Jenet Yellen and Gary Gensler.
Gary Gensler has been heavily criticized by the wider crypto community for its role in the rigid regulatory process that has led to lawsuits between the Securities and Exchange Commission (SEC) and crypto projects, a situation that many suggest will boost US investment.