Bitcoin’s dip below $100,000 reflects where it should have traded at years ago, says Anthony Scaramucci
Speaking on Monday’s CNBC ‘Squawk Box’ segment, the SkyBridge Capital founder and managing partner stated that Bitcoin’s (BTC) price of around $98,000 is “where it should have been in 2022.” He noted that the approval of a Bitcoin spot exchange-traded fund in January 2024 should have occurred in the first quarter of 2022.
This delay, he argued, “caused a lot of the price damage,” leading to Bitcoin’s prolonged weakness throughout most of 2022. It was not until March 2024 that Bitcoin once again surpassed $60,000.
However, Scaramucci believes that today’s crypto market benefits from a Trump White House implementing “propitious, decent, middle-of-the-road regulation.”
Making up for lost time?
Scaramucci pointed to several near-term catalysts that could help Bitcoin recover lost ground. He highlighted growing interest from university endowments, including Emory University, which disclosed a stake in Grayscale’s Bitcoin ETF in late 2024, while the University of Austin is considering launching a Bitcoin investment fund.
Additionally, Scaramucci suggested that a Bitcoin strategic reserve fund in the U.S. “will likely happen at a small level.” Contrary to popular belief, he noted that the U.S. strategic reserve holds nearly 30 different assets, and Bitcoin is “an asset the country will want to own.”
Meanwhile, he added that sovereign wealth funds in the Middle East are “quietly” building crypto positions.
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