SkyBridge Capital founder Anthony Scaramucci said Bitcoin’s (BTC) current price near $97,000 reflects where it should have been two years ago.
Speaking on CNBC’s Squawk Box on Feb. 10, Scaramucci said Bitcoin’s delayed rally was largely due to the sluggish approval of a spot Bitcoin exchange-traded fund (ETF), which he argued should have been greenlit in early 2022.
Scaramucci said:
“The delay caused a lot of the price damage.”
He added that Bitcoin’s long period of stagnation in 2022 and 2023 was directly linked to regulatory uncertainty. Bitcoin’s price did not surpass $60,000 until March 2024 following the final approval of spot ETFs.
Interests of Institutions
Scaramucci pointed to rising institutional adoption and nation-level interest as a key driver for Bitcoin’s future trajectory.
He noted that university endowments, including Emory University and the University of Austin, have begun exploring Bitcoin investments, with Emory disclosing a stake in Grayscale’s Bitcoin ETF last year.
A US Bitcoin strategic reserve is also plausible, according to him. He pointed out:
“Contrary to popular belief, the US already holds nearly 30 different assets in its strategic reserve. Bitcoin is an asset the country will want to own at some level.”
Moreover, he said that sovereign wealth fund in the Middle East quietly accumulate Bitcoin, further strengthening long-term prospects.
The Trump Factor
Scaramucci believes Bitcoin’s regulatory environment has improved under the current Donald Trump administration, describing it as “propitious, decent, middle-of-the-road regulation.”
Bitcoin’s current growth could be maintained by more stable policy and increased industry involvement, according to the expert.
Bitcoin’s price fluctuations have remained a focal point for investors, with the digital asset dipping below $100,000 after a prolonged climb.
According to CryptoSlate, BTC traded at $97.492 during the time of publication.
Market analysts are still debating whether or not the crypto’s flagship can continue its upward trend, particularly with US economic data that may influence risk sentiment.
Bitcoin Market Data
The time of the press On Feb. 10th, 2025 at 7:30 PM UTCBitcoin’s market capitalization is the highest in the world. You can also check out our Facebook page. 1.6% Over the past 24 hour. Bitcoin is valued at 1 944 000 milliards The 24-hour volume trading is $ 44,211 billion. Learn more about Bitcoin ›
Bitcoin
On February 10, 2025, 7:30pm UTC
$97,618.75
1.6% Crypto Market Analysis
The time of the press On Feb. 10th, 2025 at 7:30 PM UTCTotal crypto market valuation is estimated at $3.28 trillion A 24-hour volume is $115.25 billion. Bitcoin is the dominant currency at this time. 60.49%. Learn more about the crypto market ›
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