Bitcoin (BTC) experienced a price drop earlier this week, falling below the $27,000 mark, as investors digested reports from the Federal Open Market Committee (FOMC) meeting following the Federal Interest Rate decision. The current market sentiment reflects a period of consolidation, potentially influenced by profit-taking following a previous upward trend in mid-September.
Despite the ongoing market fluctuations, Anthony Scaramucci, founder of New York-based global investment firm SkyBridge Capital, remains steadfastly optimistic about Bitcoin’s long-term prospects. Speaking at the Messari Mainnet conference in New York on Wednesday, Scaramucci asserted that the worst of the bear market is over and that Bitcoin is superior to gold in value and utility.
Scaramucci’s bullish stance is based on his belief that Bitcoin will continue to gain popularity, particularly among younger generations, who will play a crucial role in mainstreaming the cryptocurrency over the next two decades.
“You (young people) will be mainstreaming Bitcoin the way my generation mainstreamed the internet,” he said. “The next 10 to 20 years are remarkably bullish (for bitcoin).”
He acknowledged potential challenges in the macroeconomic environment, including rising interest rates and regulatory scrutiny, but maintained his conviction that Bitcoin’s appeal as a store of value will persist.
Scaramucci further argued that, as wealth is created in society, a portion will flow into digital assets, with Bitcoin likely the primary beneficiary. He emphasized Bitcoin’s superiority to gold, even though gold’s purchasing power has grown significantly over the past five decades.
“If you got your bitcoin, I wouldn’t sell your bitcoin, you made it through winter,” Scaramucci added, stressing this is one of the reasons he was bullish.
The former White House communications chief also revealed that he anticipates that the widespread adoption of Bitcoin exchange-traded funds (ETFs) by institutional investors will drive massive adoption and further widen the market for Bitcoin.
Scaramucci’s positive outlook on Bitcoin comes just days after he called for the resignation of SEC Chairman Gary Gensler. He joins a chorus of voices within the crypto community and lawmakers who have expressed concerns about Gensler’s regulatory approach, which some perceive as stifling innovation.
Meanwhile, while Scaramucci’s call for Gensler’s resignation remains verbal, some lawmakers, such as US Congressman Warren Davidson, have taken more concrete steps, including introducing a bill to reorganise the SEC to address concerns by the crypto sector.
At press time, Bitcoin was trading at $26,620, with the price remaining largely unmoved over the past two or so days.