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Scaramucci: Bitcoin Could Have a Good 2024 – No Matter What the SEC Thinks

Last Updated December 12, 2023 1:27 PM
Teuta Franjkovic
Last Updated December 12, 2023 1:27 PM

Key Takeaways

  • Anthony Scaramucci expresses optimism about Bitcoin’s future, foreseeing new highs by 2024.
  • Scaramucci critiques Jamie Dimon’s proposal to dismantle the crypto industry.
  • Scaramucci encourages Senator Elizabeth Warren to explore Bitcoin’s potential in aiding the unbanked population.

SkyBridge Founder and Managing Partner Anthony Scaramucci has acknowledged  the strong performance of his crypto funds, describing 2023 as a very successful year. Additionally, Scaramucci has expressed his optimistic outlook on Bitcoin and other digital currencies.

Scaramucci emphasized the significant global increase in Bitcoin wallets and the growing worldwide acceptance of this digital currency. He believes these factors will play a crucial role in driving Bitcoin’s value to unprecedented levels by 2024.

Bitcoin as Gold 2.0: Scaramucci Advocates for 5% Portfolio Allocation

Encouraging individual investors to view Bitcoin as a reliable “store of value” akin to gold, Anthony Scaramucci promoted a strategic allocation of 5%  of one’s portfolio to the cryptocurrency.

He said : “I’m making the case that this is a store of value asset. This is effectively digital gold. So Bitcoin’s got a lot of room ahead, but again, small pieces for individual investors is what we recommend.”

Starting with a 5% exposure, Scaramucci revealed that his firm’s exposure to Bitcoin has increased as the cryptocurrency’s price grew. Bitcoin has experienced a 145% jump since the beginning of 2023. The recent surge is attributed to factors like the potential regulatory approval of a spot ETF and the scheduled halving in 2024.

The anticipated approval of spot Bitcoin ETFs is expected to introduce new demand, contributing to the potential rise of the token to as much as $150,000 by 2025. Additionally, supply-side factors, including the upcoming Bitcoin halving cycle scheduled for April, are anticipated to drive further upside.

He also highlighted  Bitcoin’s enduring nature as a long-term investment, recognizing its inherent volatility and underscoring the significance of patience for investors navigating this dynamic market.

He said: “If we’re right, it will impact your portfolio positively, it will offer some lack of correlation to some of the other assets. If you look at monthly returns this year in Bitcoin even when the S&P was not doing well, Bitcoin did well. And it does have over time I think a decoupling effect to the stock and bond market.”

Crypto Clash: Scaramucci vs. Dimon

The interview took a dramatic turn as Anthony Scaramucci addressed recent comments made by JPMorgan CEO Jamie Dimon regarding cryptocurrencies. Dimon expressed a desire to dismantle the entire crypto industry.

Scaramucci, while acknowledging Dimon’s financial acumen, characterized his perspective as short-sighted. Scaramucci emphasized the decentralized nature and global impact of the cryptocurrency network.

Scaramucci highlighted the impracticality of governmental bans on cryptocurrencies. He used China, where significant Bitcoin mining and transactions continue despite official restrictions, as an example. He suggested that Dimon’s traditional financial background might be influencing his stringent stance on digital assets.

Scaramucci speculated that Jamie Dimon might reconsider his perspective on digital assets as the regulatory environment becomes more favorable. He questioned JPMorgan’s involvement with digital assets, including its research into Bitcoin and the development of the JPMorgan Coin, leaving the door open for potential shifts in their stance.

Scaramucci Calls for Warren to do her Homework

Scaramucci took a proactive stance, appealing to Senator Elizabeth Warren to deepen her understanding of Bitcoin. He highlighted Bitcoin’s potential in assisting the unbanked, a cause championed by Warren. Scaramucci encouraged the Democratic Senator to do her “homework” on Bitcoin.

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