Despite SEC Chair Gary Gensler's warning that the approval of Bitcoin ETFs does not equate to an endorsement of Bitcoin, Scaramucci views the move as an indirect endorsement as it allows Bitcoin to be offered to retail investors. He also mentioned that he would be a "ceremonial buyer" of ETFs. The current Bitcoin ATH is $69,000, and despite the current value being $41,860, predictions are bullish, especially with the upcoming Bitcoin halving event in April.
Key takeaways:
- Anthony Scaramucci, CEO and founder of SkyBridge Capital, predicts that Bitcoin will hit a new all-time high before the end of 2024, spurred by the recent approval of spot Bitcoin ETFs by the SEC.
- The SEC recently approved the first set of spot Bitcoin ETFs, giving the green light to 11 ETFs from various firms, after more than 10 years of rejections and court battles.
- Despite SEC Chair Gary Gensler's warning that the approval of Bitcoin ETFs is not an endorsement of Bitcoin, Scaramucci believes that the SEC is indirectly endorsing Bitcoin by allowing it to be offered to retail investors with a prospectus.
- Several predictions are bullish for Bitcoin, with factors such as the SEC’s approval of spot Bitcoin ETFs and the upcoming Bitcoin halving event in April expected to trigger heavy bull runs. Predictions range from $50,000 to $1,000,000, with AI chatbot ChatGPT predicting a post-halving range of $70,000 to $100,000.