Benzinga - by Bibhu Pattnaik, Benzinga Staff Writer.
Anthony Scaramucci, founder of SkyBridge Capital, predicted a promising trajectory for Bitcoin (CRYPTO: BTC), attributing its potential growth to increasing demand and a decreasing supply.
In an interview with CNBC over the weekend, Scaramucci highlighted the significant role of Bitcoin spot market exchange-traded funds (ETFs) in overcoming regulatory barriers and ushering new capital investments into cryptocurrency.
According to Scaramucci, Wall Street's involvement has turned Bitcoin into a high-demand asset, especially with the upcoming halving event, which will reduce the daily issuance of new coins.
He compared the rapid inflow of funds into Bitcoin ETFs, which surpassed $10 billion in the first quarter, to the slower pace of the gold ETF GLD to the same milestone, while emphasizing Bitcoin's unique supply-demand dynamics.
“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," Scaramucci told CNBC.
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With the Bitcoin network set to decrease its daily coin production from 900 to 450 around April 20, and an estimated base demand of 2,000 to 3,000 coins daily, Scaramucci challenged the notion that the market has already priced in the effects of the ETF introduction and the halving.
"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," he said.
He firmly believes Bitcoin's value has "a lot more to go."
"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," he said.
At the time of writing, Bitcoin was trading at $69,866.66, up by almost 3% in the last 24 hours.
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