Seasoned hedge fund manager Anthony Scaramucci thinks that Bitcoin’s (BTC) market cap will ultimately eclipse the $16 trillion valuation of gold.
In a new CNBC interview, the SkyBridge Capital founder says Bitcoin is a superior asset that’s never been witnessed in the last 5,000 years of human history.
According to Scaramucci, Bitcoin still has ways to go before catching up to gold’s $16 trillion market capitalization but thinks the distance would decrease over time as regulators give their stamps of approval to BTC.
“I think what got me past being a skeptic is the notion that this is immutable, it’s decentralized in a way that makes it very powerful. The network itself is scaling.
And if you think about the way we treat money in our society over the last 5,000 years, Bitcoin checks all of the boxes. The only box it doesn’t check is central bank manipulation, which I think makes it way more powerful.
And so at a $1.4 trillion [market cap] could this trade to half the market capitalization of gold where gold is $16 trillion today? We believe it can. We actually think it’s going to go through the market capitalization of gold.
But if you’re making the point that the American owners in the ETF (exchange-traded fund) are not going to be enough to get it there, I disagree because over time the acceptance regulatorily is going to allow people to put it in their portfolio. A 1% position in these global portfolios takes it there.”
At time of writing, Bitcoin is trading at $66,587.
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