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.
[adinserter block="1"]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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