After recounting some Bitcoin (BTC)-related events, SkyBridge founder Anthony Scaramucci concluded that BTC's growth fundamentals are right in front of us.
The Bitcoin ETF and the MicroStrategy analogy
While the spot Bitcoin ETF ecosystem has seen significant inflows in recent days, the SkyBridge founder emphasized that these inflows are equivalent to the amount of Bitcoin (BTC) that former MicroStrategy CEO Michael Saylor received every 30 days buys.
MicroStrategy is not deemed to have the right largest Bitcoin portfolio among his Wall Street colleagues. The business software intelligence company adopted a strategy for the leading cryptocurrency by market cap in 2020 amid the global pandemic. Michael Saylor's MicroStrategy continues to buy Bitcoin and shows no signs of selling its shares anytime soon.
Since the US Securities and Exchange Commission (SEC) supported the discovery of Bitcoin ETFs, the emerging niche has seen huge influxes. Total flows for spot Bitcoin ETFs have now exceeded $1.6 billion, and while this is a stellar figure, it is still in close competition with the Bitcoin volume recorded only by MicroStrategy.
Scaramucci also compared the duration of MicroStrategy's Bitcoin acquisition today to the duration if the highly anticipated halving event occurs. If the spot Bitcoin ETF products already stack as much BTC as MicroStrategy in 30 days, he believes they would be able to achieve the same volume in 15 days after the halving.
Additionally, he noted that there will be more use cases for Bitcoin in the coming days
Scaramucci's bullish stance on Bitcoin (BTC) price
These statements confirm that the SkyBridge founder is very bullish on Bitcoin. His stance on the opportunities presented by the price of the flagship cryptocurrency has not changed over time, in fact, he has become bolder.
Immediately after the SEC approved the Bitcoin ETF applications, Scaramucci said predicted that the coin would reach new highs. Given the upcoming halving event, he also mentioned that Bitcoin could have one Market value of $170,000.
At this point, the coin has not even reached the halfway point of $170,000 as it is currently trading at $45,104.56, having increased in value by more than 3% in the last 24 hours.
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