"Mentioned by Scaramucci, the proposed BlackRock Bitcoin ETF might ignite a potential market capitalization of up to $600 trillion"
In a recent statement, Anthony Scaramucci, the founder of SkyBridge Capital, has expressed his beliefs about the potential impact of a Bitcoin (BTC) Exchange-Traded Fund (ETF) approved by BlackRock. Scaramucci believes that such an approval could attract up to $100 billion in institutional investments, driving Bitcoin's price up significantly. He further predicts an eleven-fold increase in Bitcoin's evaluation, with the digital asset's value reaching as high as $330,000 based on the current Bitcoin price. This would make Bitcoin a $600 trillion asset. The current CEO of BlackRock, Larry Fink, may have a decisive role in the approval of a Bitcoin ETF, given BlackRock's prominence and influence in asset management and recent market developments related to Bitcoin ETFs in 2024 and 2025. Scaramucci's predictions come amidst ongoing legal proceedings against Sam Bankman-Fried, the former CEO of FTX, who is currently facing trial for money laundering and fraud. However, it's important to note that the Department of Justice (DoJ) has not found any substantial evidence linking Scaramucci to the alleged illegal activities at FTX. In a separate matter, Scaramucci has cooperated with the DoJ by providing his text messages, emails, and Signal accounts for investigation. He has also criticized Bankman-Fried's excuses regarding the FTX scandal and emphasized the gravity of $8.8 billion of customers' funds being in a personal account as unacceptable. It's worth mentioning that BlackRock Bitcoin ETF already holds 735,000 BTC, worth approximately $86 billion. This fact, however, is not directly related to Scaramucci's predictions about Bitcoin's price. Scaramucci's optimistic outlook for Bitcoin's future price is a reflection of his confidence in the digital asset's potential growth, especially with the potential approval of a Bitcoin ETF by a leading financial institution like BlackRock.
Read also:
- Musk threatens Apple with litigation amidst increasing conflict surrounding Altman's OpenAI endeavor
- Transitioning to Electric Vehicles Places Heavy Demand on Power Grids
- E-mobility continues its progress after a decade since the scandal, staying on course
- The Commission deems the assistance program to be in agreement with the domestic market regulations.
