Skybridge Capital founder Anthony Scaramucci has predicted a substantial influx of capital from Wall Street into spot bitcoin exchange-traded funds (ETFs) once they are approved by the U.S. Securities and Exchange Commission (SEC). He highlighted the unleashing of salesforces from major institutions, anticipating over $100 billion flowing into bitcoin following spot bitcoin ETF approvals.
Scaramucci on Market Impact of Spot Bitcoin ETFs
Anthony Scaramucci, the founder of asset management firm Skybridge Capital, discussed his outlook on spot bitcoin exchange-traded funds (ETFs) in an interview on The Scoop, The Block’s podcast, on Thursday.
“The not-so-secret reality of Wall Street is that products are sold and not bought. Imagine an army, a legion of people who are going to be selling,” he began, adding that they will be “giving the Mantra speech about bitcoin” to brokerage firms and financial advisor offices who will then tell their clients to put 1% in BTC. He described:
These are people that are traditionally buying ETFs. They’re buying S&P ETFs or S&P dividend ETFs or bond ETFs and now have this ability to buy the bitcoin ETF which has been approved by the federal government and it’s been the best-performing asset in the last 10 years, bar none.
Scaramucci emphasized that spot bitcoin ETFs are going to unleash a sales force of tens of thousands of people.
The founder of Skybridge Capital anticipates financial advisors advising their clients to own “digital property.” Referencing Ark Invest CEO Cathie Wood who suggests that bitcoin serves as a valuable diversifier against inflation and deflation, he emphasized that bitcoin is “a great store of value.”
Concerning the amount of capital that will flow into bitcoin upon the introduction of spot bitcoin ETFs, he pointed out:
Let’s just take Fidelity at $4 trillion and Blackrock at $7 trillion. So 1%, we’re talking about … $100 billion going into bitcoin and those are just those two companies.
He further mentioned that to estimate the capital influx into bitcoin, simply sum up 1% of the total funds managed by companies that have already filed to launch spot bitcoin ETFs and those companies that will file with the SEC after the regulator begins approving these products.
Do you agree with Skybridge Capital founder Anthony Scaramucci regarding spot bitcoin ETFs? Let us know in the comments section below.
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