SkyBridge Capital founder Anthony Scaramucci is optimistic that demand for Bitcoin (BTC) will continue to increase in the coming years.
In a new interview at the Bitcoin Investor Day conference in New York City, Scaramucci says the $84 trillion great wealth transfer from the baby boomers to the younger generation will have a bullish impact on Bitcoin.
The Wall Street veteran notes that 25-year-old investors today already have “a lot of Bitcoin” while their older counterparts own just “a little bit” of BTC, suggesting that demand for the flagship digital asset will ramp up in the coming years as new investors race to gobble up the crypto king.
“So in the next 10 years, I see it like a big python where Bitcoin is going to get absorbed into the python. There will be a big bump up in Bitcoin demand and that’s coming inside of the next decade.”
Scaramucci says it is well within the realm of possibility for BTC to reach the $1 million level, considering that gold has a market cap of about $14.5 trillion.
“Michael Novogratz or Cathie Wood, they see a $1 million Bitcoin. A $1 million Bitcoin is a $21 trillion marketplace, gold is $14-$15 trillion.
They’re suggesting that Bitcoin should trade to a 150% of gold’s overall market cap. Let’s say they’re wrong. Let’s say it trades to its market cap or half of what they’re saying, that’s still inside of the ballpark of what I would consider digital gold.”
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