SkyBridge Capital founder Anthony Scaramucci on Wednesday expressed his continued optimism for Bitcoin (CRYPTO: BTC), even though it currently trades well below its all-time highs.
What Happened: Scaramucci, who previously served as the White House communications chief, was speaking at the Messari Mainnet conference held in New York, said that the worst of the bear market is behind us and that Bitcoin holds greater value than gold.
During a fireside chat titled “Why I’m still bullish,” Scaramucci encouraged bitcoin holders not to sell, stating, “If you got your bitcoin, I wouldn’t sell your bitcoin, you made it through winter," Business Insider reported.
He emphasized that the younger generation will play a pivotal role in mainstreaming bitcoin, comparable to how his own generation embraced the internet. Scaramucci asserted that “The next 10 to 20 years are remarkably bullish [for bitcoin].”
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Why It Matters: While acknowledging lingering challenges in the macro environment, including higher interest rates, an adversarial Securities and Exchange Commission (SEC) chief, and prevailing negative sentiment surrounding crypto adoption. He firmly believes that the widespread adoption of bitcoin will materialize once bitcoin exchange-traded funds (ETFs) become commonplace among institutional investors.
He added, “Every single Wall Street firm is going to have a bitcoin ETF in their arsenal… When Wall Street has something in their arsenal, they sell it to their clients… The market [for bitcoin] is going to widen.”
He emphasized the transformative potential of bitcoin ETFs, noting that their availability will lead to massive adoption and further market expansion.
Price Action: At the time of writing, BTC was trading at $27,142, up 4.56% in the last 24 hours,
Photo by World Economic Forum on Flickr