Scaramucci, who previously served as the White House communications chief, shared his views during a fireside chat titled “Why I’m still bullish.” He emphasized the potential role of the younger generation in mainstreaming Bitcoin, comparing it to how his generation embraced the internet. “The next 10 to 20 years are remarkably bullish [for Bitcoin],” Scaramucci said.
While acknowledging challenges in the macro environment such as higher interest rates, an adversarial Securities and Exchange Commission (SEC) chief, and prevailing negative sentiment surrounding crypto adoption, Scaramucci remains confident. He firmly believes that widespread adoption of Bitcoin will materialize once Bitcoin exchange-traded funds (ETFs) become commonplace among institutional investors.
Scaramucci further added that he expects every Wall Street firm to eventually have a Bitcoin ETF in their offerings. “When Wall Street has something in their arsenal, they sell it to their clients… The market [for Bitcoin] is going to widen,” he stated. He underscored the transformative potential of Bitcoin ETFs, noting that their availability will lead to massive adoption and further market expansion.
As of Wednesday, BTC was trading at $27,142, up 4.56% in the last 24 hours according to Benzinga Pro. Bitcoin peaked at $68,789 in November 2021 but has since declined by about 61%.
In addition to his optimism about Bitcoin’s future, Scaramucci acknowledged certain macro factors that could hamper Bitcoin’s growth. These factors include higher interest rates, negative sentiment around crypto, and the stance of SEC Chief Gary Gensler who recently stated that there are many “hucksters” and “fraudsters” in the crypto space.
Despite these challenges, Scaramucci’s bullish outlook on Bitcoin remains unchanged, with a particular focus on the potential impact of Wall Street’s adoption of Bitcoin ETFs.
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Source: Cryptocurrency - investing.com
