The flagship cryptocurrency Bitcoin ($BTC) has tremendous growth potential, according to the founder and managing partner of SkyBridge Capital Anthony Scaramucci, who recently revealed he believes the cryptocurrency\u2019s market capitalization could reach $15 trillion, around 2,660% above its current $540 billion market capitalization.<\/p>\n
Speaking at the OPTO \u2013 Invest in innovation podcast, as first reported by The Block, Scaramucci said he thinks \u201cBitcoin could easily be a $15 trillion asset,\u201d before adding that BTC \u201cin may ways is more valuable than gold\u201d and could become a store of value.<\/p>\n
Scaramucci added that because of this \u201cwe own a lot of Bitcoin here,\u201d even though he does not believe that the flagship cryptocurrency will become the universal standard of money. The founder of SkyBridge Capital, a former White House Direct of Communications under Donald Trump\u2019s presidency, noted that nationals hostile to the US could end up trading BTC or gold-backed cryptocurrencies after the US used the dollar to asset \u201cits geopolitical will on others.\u201d<\/p>\n
Scaramucci criticized the current financial system as \u201cbroken\u201d and called for strong leadership to start a revival, although he admitted that such a change would take 15 to 20 years.<\/p>\n
The executive also predicted that Bitcoin\u2019s market cap could imply a price of over $700,000 per coin, given its limited supply of 21 million coins, which is a big jump from its current price of around $28,000.<\/p>\n
On a personal note, Scaramucci shared a disappointing experience with Sam Bankman-Fried, the troubled founder of the now-closed FTX exchange, which he said \u201cbroke\u201d his heart.<\/p>\n
FTX Ventures had bought a 30% share in SkyBridge last September, before the cryptocurrency exchange collapsed and filed for bankruptcy in November. He now estimates Bankman-Fried will be fond guilty and convicted, partly because some of his former colleagues pleaded guilty.<\/p>\n
As CryptoGlobe reported, as the U.S. faces a \u201cdebt death spiral\u201d of $33 trillion, analysts from Jefferies have now cautioned that the Federal Reserve may have to resume its money printing\u2014possibly causing the U.S. dollar to crash and boosting the price of the flagship cryptocurrency as it competes with gold.<\/p>\n
In a recent\u00a0note\u00a0to clients Christopher Wood, global head of equity strategy at Jeffries, called Bitcoin and gold \u201ccritical hedges\u201d against the return of inflation as G7 central banks \u201cwill not be able to exit from unconventional monetary policy in a benign manner and will ultimately remain committed to ongoing central bank balance-sheet expansion in one form or another.\u201d<\/p>\n
Wood\u2019s comments come at a time in which the U.S. Federal Reserve and other major central banks throughout the world have been aggressively raising interest rates to rein in inflation. The aggressive rate hikes have led to the collapse of several institutions,\u00a0including Credit Suisse, which was bought by UBS for about $3.3 billion earlier this year.<\/p>\n
Featured image via\u00a0Unsplash.<\/p>\n