SkyBridge Capital founder Anthony Scaramucci is optimistic that demand for Bitcoin (BTC) will continue to increase in the coming years.
In a new one interview Speaking at the Bitcoin Investor Day conference in New York City, Scaramucci said the major wealth transfer of $84 trillion from baby boomers to the younger generation will have a positive impact on Bitcoin.
The Wall Street veteran notes that 25-year-old investors already own “a lot of Bitcoin” today, while their older counterparts only own “a little” BTC, suggesting that demand for the flagship digital asset is growing in the will rise in the coming years as new investors compete to gobble up the crypto king.
“So in the next 10 years I see it as a big Python, where Bitcoin will merge into the Python. Bitcoin demand will rise sharply within the next decade.”
According to Scaramucci, BTC reaching the $1 million mark is certainly within the realm of possibility, considering that gold has a market cap of around $14.5 trillion.
“Michael Novogratz or Cathie Wood, they see a Bitcoin worth $1 million. A $1 million Bitcoin is a $21 trillion marketplace, gold is worth $14 to $15 trillion.
They suggest that Bitcoin should account for 150% of gold's total market capitalization. Let's say they're wrong. Let’s say it’s trading at its market cap or half of what they say, that’s still in the range of what I would call digital gold.”
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