The first cryptocurrency could easily become an asset with a market capitalization of $15 trillion, according to SkyBridge Capital founder Anthony Scaramucci.
The expert’s estimate implies a rise from the current $540.9 billion to 2,662%. In Scaramucci’s view, at such a market cap the price of Bitcoin would reach around $700,000.
The head of SkyBridge believes that the first cryptocurrency is, in many respects, more valuable than gold, and could become a store of value in the future.
However, Bitcoin is unlikely to approach a “universal standard of money,” as some crypto maximalists would like, Scaramucci noted.
“But strange things could happen when you see countries hostile to the United States trading Bitcoin or something denominated in gold, distancing themselves from the dollar, as the United States has used its currency to assert its geopolitical will,” the investor added.
According to Scaramucci, the current financial system is “broken,” and it can be fixed only with proper leadership over “15 or 20 years of long-term planning.”
The SkyBridge founder also said that FTX founder Sam Bankman-Fried “broke his heart.” Against the former head of the collapsed exchange seven charges have been filed, including conspiracy to commit fraud.
Scaramucci is confident that Bankman-Fried will be found guilty, as four of his former colleagues have already struck deals with prosecutors, including former Alameda Research CEO Caroline Ellison.
“I consider Sam a man who deliberately used other people’s money. I think he committed fraud, for which he will ultimately end up in prison,” the businessman said.
Earlier, he called the founder of FTX a traitor and accused him of harming the US crypto industry.
Earlier in September, Scaramucci forecasted a bullish decade for Bitcoin. He said the worst events in the current bear crypto market were already behind us.
In January, the investor also predicted the ‘revival’ of digital gold in 2023.