Scaramucci: Bitcoin ETF could push BTC price much higher in early 2024

SkyBridge Capital founder Anthony Scaramucci expects the launch of a Bitcoin (BTC) exchange-traded fund (ETF) to act as a catalyst, driving the coin’s price higher.

Scaramucci suggested that a spot Bitcoin ETF may be approved as soon as the first quarter of next year. This development could spur a bull market into action, he explains.

Here’s what the former White House Communications director recently told The Wolf of All Streets’ Scott Melker:

As a Wall Streeter, products on Wall Street are sold, they are not bought. And so there’s going to be tens of thousands, if not a 100,000+ people at these Wall Street firms selling these products to their traditional investors.

So people that are in Bitcoin understand the finite supply of Bitcoin, understand the nature and the quality that Bitcoin has. This will push Bitcoin up and of course, it will have a dramatically positive effect on the altcoin market because it will lead to more capital into digital properties.

SkyBridge Capital founder Anthony Scaramucci

The BlackRock effect

Scaramucci also said that the approval of spot Bitcoin ETFs filed by major asset managers like BlackRock or Fidelity Investments could push BTC’s price even further.

BlackRock, the world’s largest asset management company with over $10 trillion in assets under management, has been making significant moves in the cryptocurrency space, particularly with regard to Bitcoin. The company has been exploring the feasibility of entering the cryptocurrency market and offering bitcoin-related investments to its clients.

In July 2018, BlackRock reportedly formed a task force consisting of experts in traditional finance to study the cryptocurrency market and blockchain technology. This move signaled the company’s interest in venturing into the nascent crypto space. Under the helm of Terry Simpson, a prominent investment manager and multi-asset strategist, the task force aimed to assess the potential of cryptocurrencies and blockchain technology for BlackRock’s clients.

BlackRock’s plans to provide digital asset trading services to its investors were revealed in February 2021. The company intended to launch this service through its Aladdin portfolio management system, which is widely used by institutional investors. The move would allow BlackRock’s clients to trade cryptocurrencies and manage their digital assets more efficiently.

While BlackRock’s exact plans and timeline for entering the cryptocurrency market may still be evolving, it is clear that the company recognizes the growing importance of digital assets and is actively exploring ways to incorporate them into its offerings.

As one of the most influential players in the financial industry, BlackRock’s entry into the crypto space could have significant implications for the mainstream adoption and acceptance of cryptocurrencies like Bitcoin.