SkyBridge co-founder and managing partner Anthony Scaramucci insists that buying into Bitcoin is still early as the asset nears the mainstream adoption curve.
In a tweet on Tuesday, the SkyBridge co-founder assured non-Bitcoiners that they have not missed much despite the asset’s recent bullish explosion. For context, the pioneering crypto asset surged to a record high of $89,604 early today.
To those not already long #Bitcoin (my opinion, not financial advice): it may feel like you missed it, but you didn’t. It’s early. The U.S. will establish Strategic #Bitcoin Reserve under great Sen. @CynthiaMLummis. Other countries will follow, along with institutional asset…
— Anthony Scaramucci (@Scaramucci) November 12, 2024
Bitcoin has surged a staggering 24% in the past seven days, with its market cap surpassing $1.75 trillion. However, Scaramucci argues that, although investors not holding Bitcoin may feel left out, the premier asset still has more upsides.
US Treasury Reserve to Spur Bitcoin’s Explosion
Scaramucci cited rumors that the United States would create a Bitcoin reserve as the basis for his “early” assertions. The seasoned entrepreneur argued that creating a US Bitcoin stockpile would herald the asset’s mainstream adoption, spurring more upsides.
Notably, the Bitcoin US Treasury asset speculation is gaining momentum. US President-elect Donald Trump promised to create a Treasury reserve for Bitcoin with the bill presented by Senator Cynthia Lummis to the cheering crowd at the Bitcoin Conference in July.
Following Trump’s win, analysts discuss the venture’s possibility and massive impact on Bitcoin. Scaramucci insisted that the United States would create a national Bitcoin stockpile and spur global adoption.
The SkyBridge managing partner noted that the US’s strategic investment in Bitcoin would attract central banks from other countries, financial institutions, asset managers, and registered investment advisers to the leading cryptocurrency. As a result, trillions of dollars will flow into Bitcoin, drastically impacting its price.
VanEck Executive Says $14M per Bitcoin Possible
Meanwhile, VanEck’s head of digital assets research, Matthew Sigel, has stated that Bitcoin’s rise to $14 million is possible. He asserted this in a Tuesday tweet while analyzing Bitcoin’s impact on America’s gross domestic product (GDP).
If the U.S. had a Strategic Bitcoin reserve of 1M coins, 1 BTC would need to hit $14.4M each by 2050 to match 1/3 of projected US GDP (assuming 3% real GDP growth).
$14M is roughly Half Way between the Base & Bull cases in our Recent Research and would make #Bitcoin roughly 14%… https://t.co/NP3gj8AYGj
— matthew sigel, recovering CFA (@matthew_sigel) November 11, 2024
Sigel drew his audience’s attention to the Bhutan Republic’s Bitcoin prowess, as the premier asset constitutes 33% of the nation’s GDP. Notably, Bhutan holds 12,572 BTC, valued at $1.11 billion.
The market expert noted that the country could see a similar GDP boost if the United States created its Bitcoin Treasury and acquired the 1 million BTC it plans to hold. However, he noted that Bitcoin would have to surge to $14 million per coin in 2050 to account for 33% of America’s GDP.
Sigel noted this was possible, as it was between VanEck’s base and bull cases Bitcoin price prediction. The leading asset manager speculated that Bitcoin would trade at $2.9 million and $52.3 million in a base and bull case, respectively.
Meanwhile, Bitcoin trades at $88,592, up almost 10% in the past 24 hours. The asset remains on course to reach Bernstein’s $90,000 assertion on a Trump win and a $100,000 prediction before the President-elect’s January inauguration.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
