Yahoo Finance Live’s Brad Smith joins Anthony Scaramucci at Bitcoin Investor Day for a conversation about the next inflection point for the cryptocurrency.
Making bitcoin (BTC-USD) more accessible is the next step for the cryptocurrency, Scaramucci says. He points to the growth of spot bitcoin ETFs, following the SEC’s approval of 11 ETF issuers in January. “Institutions are comfortable,” he notes, and with bitcoin’s halving on the horizon, “that should push the price up a lot.”
Record outflows from Grayscale’s Bitcoin Trust (GBTC) may shake investor confidence, but Scaramucci claims bankruptcy trustees at Celsius and FTX are behind the sell-off. Bitcoin is set to experience record growth as a new generation embraces the digital currency, Scaramucci says; he compares crypto adoption to millennials’ tech savvy, and notes it will become a key part of the election conversation: both sides of the political aisle will need to be “pro-coiners…or it may otherwise cost them an election.”
AI has also seen a market rally with questionable momentum. As in the case of bitcoin, Scaramucci advises that investors observe long-term trends: “If you just hold it, you’ll be okay. That’s my message to the AI people.”
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Editor’s note: This article was written by Gabriel Roy.