According to Scaramucci, Bitcoin should benefit immensely from the spot Bitcoin ETFs the SEC recently approved for trading.
Anthony Scaramucci has predicted that Bitcoin (BTC) will hit a new all-time high (ATH) before the end of 2024. According to the chief executive officer (CEO) and founder of alternative asset management firm SkyBridge Capital, Bitcoin will hit the new ATH spurred by activity from the recent approval of spot Bitcoin exchange-traded funds (ETFs).
Scaramucci talked about the possibility of a new ATH for Bitcoin while speaking in a CNBC interview. The former White House communications director is bullish about this year and early next year for Bitcoin. He said:
“I think it is a much broader story for digital property in general, and I think Bitcoin will probably see its all-time high before the end of the year and will likely go through its all-time high by this time next year.”
The United States Securities and Exchange Commission (SEC) recently approved the first set of spot Bitcoin ETFs. On Thursday, the Commission gave the green light to 11 ETFs after more than 10 years of continuous rejections and court battles. The SEC approved ETFs from BlackRock Inc, Bitwise, VanEck, ARK 21Shares, WisdomTree, Valkyrie, and several others.
Cameron and Tyler Winklevoss of Gemini filed the first spot Bitcoin ETF in 2013. The SEC has rejected all applications since then, citing problems with fraud and market manipulation.
Scaramucci Said SEC Indirectly Endorsed Bitcoin
A statement from SEC Chair Gary Gensler warns that the SEC’s approval of spot Bitcoin ETFs is not an approval of Bitcoin. While Gensler explained the SEC’s approval, he added that “we did not approve or endorse Bitcoin.” The Chair asked investors to “remain cautious” about the risks associated with investing in crypto. Speaking on the SEC’s position, Scaramucci said:
“The SEC is obviously not endorsing Bitcoin but in a weird way they are endorsing Bitcoin because they’ve now allowed it from a regulatory point of view to be offered to retail investors with a prospectus.”
Scaramucci has also added that he would be a “ceremonial buyer” of ETFs.
The current Bitcoin ATH is $69,000, seen in November 2021. Currently, at $41,860, Bitcoin is a long way from the ATH. However, most predictions are bullish, especially with the SEC’s approval of spot Bitcoin ETFs. There also is the halving event for Bitcoin expected sometime in April. These two factors are considerably bullish for Bitcoin.
For instance, popular social media analyst Titan of Crypto believes that Bitcoin could hit $50,000. For Samson Mow, the CEO of Bitcoin adoption firm Jan3, Bitcoin could potentially hit $1,000,000.
ChatGPT, the artificial intelligence-powered chatbot by OpenAI is bullish on Bitcoin. On Bitcoin’s trajectory for 2024, ChatGPT also believes the spot Bitcoin approval and the halving event could trigger heavy bull runs. According to the AI chatbot, a post-halving range of between $70,000 to $100,000 is possible, especially with institutional interest.