Bitcoin poised for institutional boom: Scaramucci predicts rise

Anthony Scaramucci, the co-founder of Skybridge Capital, remains optimistic about Bitcoin. He thinks it is still on its way to becoming widely adopted. He specifically mentions the increasing focus of institutional investors as a critical factor for that possibility. 

In a recent interview with CNBC, Scaramucci highlighted that the regulatory obstacles previously disqualifying large-scale investors from direct involvement in Bitcoin are being removed as a result of the newly won approvals. This implies that institutional involvement in the trading of Bitcoin is just a matter of time.

Scaramucci asserted that getting approval from regulators is a crucial step that would help big players like pension funds step in and begin matters of cryptocurrency investment. He predicted that most pension funds’ news would probably be about breaking news about their plan to invest in Bitcoin. 

Recent research also proved this: over 1,000 VIP wealthy investors with assets of over $100 million invested in the Bitcoin ETFs listed on the US List. The State of Wisconsin Investment Board reported a significantly high allocation of $162 million in these ETFs.

As per Matt Hougan, the Chief Investment Officer at Bitwise, there is a tendency to develop that Bitcoin will soon be included in the strategic asset allocation index. Indeed, just a few days ago, Hougan himself mentioned this idea, and he thinks that the institutions can put at least 1% to 5% of their capital into the Bitcoin market as their clients gradually start using it.

Last week, a cryptocurrency investor opined that more people accept Bitcoin, which can be regarded as a digital form of gold. This theory is shared by many investors who see Bitcoin more as a digital way of storing value and not necessarily for transactions. 

These sentiments have been brought up by influential people such as Michael Saylor, the Executive Chairman of MicroStrategy as he said that focusing on how bitcoin just works as a currency as opposed to being a digital asset removes the potential of bitcoin to be used as a digital asset reserve.

Scaramucci has portrayed that being an early cryptocurrency adopter comes with many advantages despite the challenges of early development. He dared to say that one Bitcoin coin could be worth $170,000 by the year 2025, thus expressing his positive outlook on institutions’ adoption of Blockchain technology. This optimistic prediction shows a bright future for Bitcoin as it attracts the attention of many investments from diverse financial sectors.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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