Two Factors Set To Trigger Massive Demand For Bitcoin — Skybridge’s Scaramucci
Anthony Scaramucci has not rescinded his support for BTC and crypto in general despite troubling market conditions. The founder and CEO of investment firm SkyBridge Capital is known for his constant endorsement of BTC. In a recent interview, Scaramucci highlighted two catalysts of mass demand for the asset class.
Anthony Scaramucci highlights Fidelity’s BTC savings plan as a demand catalyst
Speaking on CNBC’s Capital Connection, Anthony Scaramucci shared his candid opinion on BTC, considering recent market movements. While BTC is currently down 64% from its all-time high of $69,045 in November of last year, Scaramucci remains bullish. He noted that his optimism is hinged on two institutional moves likely to drive mass demand into BTC.
One of these institutional moves, according to Scaramucci, is Fidelity Investments’ BTC savings retirement plan. “Number one: Fidelity is allowing for their 401(k) to invest in BTC,” he said.
In April, Fidelity Investments—America’s largest retirement plan provider—became the first provider to offer cryptocurrencies for clients’ retirement saving plans. The provider said on April 26 that it would allow investors to include BTC in their retirement savings plans, with an exposure of up to 20%.
BlackRock’s recent interest in BTC will drive mass demand as well
Secondly, Scaramucci highlighted BlackRock’s interest in BTC as one of the two catalysts. “… in addition to teaming up with Coinbase on their Aladdin risk management program, BlackRock said that they’re going to offer a private trust that will give their clients an opportunity to invest directly in bitcoin,” he noted.
The world’s largest asset manager, BlackRock, has recently made two moves that indicate the firm’s interest in BTC. On August 4, Coinbase announced that BlackRock’s Aladdin clients would have access to BTC trading and custody on Coinbase Prime. A week later, BlackRock decided to give BTC exposure to its American institutional clients by launching a private trust fund.
Scaramucci believes these moves provide a bullish outlook for BTC in the long term. “I think, long term, the fundamentals are good,” he said. BTC is currently trading at $24,075 at the time of reporting. Amidst the recent market rally, the asset broke through the resistance at $24k and now has its eyes set on conquering $25k.