Robert D Knight
SkyBridge Capital founder Anthony Scaramucci believes that bitcoin has reached “escape velocity” and that the number of holders could reach a billion within the next three to four years.
Scaramucci made the comments after the investment firm Fidelity announced it would allow 401(k) retirement savings accounts to invest in bitcoin.
On CNBC’s Squawk Box on April 27, Scaramucci was quizzed on whether Fidelity’s policy change would actually result in changing pension investments or whether individual corporations and their compliance departments would pose an additional barrier to adoption. As Scaramucci tells it, any initial resistance from individual corporations will eventually be overcome.
“I think compliance departments and large corporations are going to be reluctant in the beginning, but they’re going to get a tremendous amount of reverse inquiries,” said Scaramucci. “For me when I look at global wallets for Bitcoin – Glassnode is now saying that it’s over 260 million wallets – bitcoin for me has reached escape velocity.
“Hopefully I’ll be on the show with you guys and we’ll be talking about a billion wallets at some point. That’s not too far away, that might be three or four years away,” the SkyBridge founder went on to add.
According to Scaramucci, the only remaining question will be what portion of their pension savers should sensibly allocate to BTC.
Crypto and tech stock symmetry
During the course of his appearance on the CNBC show, Scaramucci also fielded questions on the price correlation between tech stocks and cryptocurrencies. Through the end of March and most of April, the two charts have strongly mirrored each other as they often have in the past.
Scaramucci doesn’t necessarily expect that to change in the immediate future, although Fidelity could help to drive the decoupling of the charts.
“It’ll be correlated until it isn’t,” said Scaramucci. “That’s just one of the weird things about it. There have been periods over the past five years where it hasn’t been correlated. That it has broken apart from it. I don’t think that happens again frankly until we get a cash bitcoin ETF or something really changes.
“Now the Fidelity announcement is a very big seminal event, there’s only 21 million coins out there, 19 million or so mined. Fidelity has $2.4 trillion in retirement assets… I think that Fidelity is going to end up doing for bitcoin what Fidelity did for the stock market in 401(k)s in the 80s.”
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