Home Crypto News News Bitcoin Bear Market Over: “I Wouldn’t Sell Your Bitcoin”, Says Scaramucci

Bitcoin Bear Market Over: “I Wouldn’t Sell Your Bitcoin”, Says Scaramucci

Omar Elorfaly
Last Updated September 22, 2023 6:09 PM
Giuseppe Ciccomascolo
Verified by Giuseppe Ciccomascolo
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Key Takeaways

  • Former White House Communications Chief said that the worst of the Bitcoin bear market is behind us.
  • Scaramucci believes Bitcoin is more valuable than gold.
  • He also believes that the younger generation will push Bitcoin beyond previous horizons.

Former White House Chief of Communications and founder of SkyBridge Capital, Anthony Scaramucci, spoke  at the Messari Mainnet conference held in New York.

He said that the worst of the bear market is behind us and that Bitcoin holds greater value than gold. 

Good Things Ahead For Bitcoin

Scaramucci spoke to an audience of young people during a fireside chat titled, “Why I’m still bullish” to express his optimism toward the future of Bitcoin.

“You [young people] will be mainstreaming Bitcoin the way my generation mainstreamed the internet,” he said. “The next 10 to 20 years are remarkably bullish [for Bitcoin],” said  Scaramucci, pointing out the youth in the crowd. “The next 10 to 20 years are remarkably bullish [for bitcoin].”

He went on to express his vision for the future of Bitcoin. Scaramucci claimed that Bitcoin has the potential to become more valuable than gold, in the future.

He also expressed his belief that Wall Street’s involvement in Bitcoin will be a catalyst for mainstream popularity.

It may also be important to note that Scaramucci’s company, Skybridge Capital, invests  in BlackRock’s Bitcoin Trust.

The former Communications Chief also advised Bitcoin holders to continue holding onto their tokens, claiming that “If you got your Bitcoin, I wouldn’t sell your Bitcoin, you made it through winter.”

“Every single Wall Street firm is going to have a bitcoin ETF in their arsenal,” he said, adding “When Wall Street has something in their arsenal, they sell it to their clients…The market [for bitcoin] is going to widen.”

Better Than Gold

Scaramucci needed to reflect on the current regulatory environment surrounding digital assets, especially when it comes to the US Securities and Exchange Commission, as he predicts the success of Bitcoin in the future.

He made the comparison between Bitcoin and gold, saying that Bitcoin consistently gained purchasing power, similar to how gold continued to gain its purchasing power after the dollar was taken off the gold standard.

“As wealth is created in society, a portion of that wealth is going to get chipped off for digital assets, most likely bitcoin, Scaramucci said. “Bitcoin is better than gold.”

Scaramucci did not immediately respond to a request for comment.

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