BlackRock's proposed Bitcoin ETF, as suggested by Scaramucci, could potentially ignite a market cap of $600 trillion.
Anthony Scaramucci, the founder of SkyBridge Capital, has shared his predictions on the potential rise of Bitcoin's value, should BlackRock approve a Bitcoin Exchange-traded Fund (ETF).
In a recent interview, Scaramucci expressed his belief that the approval of a Bitcoin ETF by BlackRock could lead to a significant increase in Bitcoin's value. He suggested that the digital currency's price could soar as high as $330,000 based on the current market price.
Scaramucci's prediction is based on the potential influx of substantial capital that an approved Bitcoin ETF could attract. He estimates this capital influx could result in an eleven-fold increase in Bitcoin's evaluation, skyrocketing from a $600 billion asset to a staggering $600 trillion asset.
If BlackRock were to approve a Bitcoin ETF, Scaramucci also speculates that it could attract $100 billion in institutional investments.
However, Scaramucci's discussion of Bitcoin's potential growth was not the only topic of his interview. He also commented on the ongoing trial of the former FTX CEO, Sam Bankman-Fried, who is currently facing charges for money laundering and fraud. Scaramucci criticised Bankman-Fried's excuses regarding the FTX scandal, and blamed him for the crimes committed at the company.
Scaramucci also emphasised the gravity of the situation involving $8.8 billion of customers' funds in a personal account at FTX. He has cooperated with the Department of Justice (DoJ) by providing his text messages, emails, and Signal accounts, but the DoJ did not find any substantial evidence linking him to the alleged illegal activities at FTX.
It's worth noting that BlackRock's Bitcoin ETF currently holds 735,000 BTC worth $86 billion. However, no institution has recently announced an ETF that includes this amount of Bitcoin.
Scaramucci also speculated that Bankman-Fried might receive a more lenient sentence due to his "youth and inexperience."
This news serves as a reminder of the ongoing developments in the world of cryptocurrency, and the potential impact that institutional investments could have on Bitcoin's value. As always, it's important to approach any investment decisions with caution and careful consideration.
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