United

Bitcoin

Trillion

<div class="watcher-guru">
 <p>At the beginning of the year, Bitcoin [BTC] kicked off with positive momentum. Despite its present state of unpredictability and inactivity, there has been a continuous influx of optimistic speculations regarding the leading <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency. Anthony Scaramucci, the founder and managing partner at SkyBridge Capital, has now joined the ranks of those making bullish forecasts. He envisions a remarkable increase in Bitcoin’s value. He suggested it could surge by an impressive 2,662% from its current market capitalization of around $543 billion.</p>
 <p>In a recent podcast, Scaramucci calculated that based on BTC’s fixed supply of 21 million coins, the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency’s market capitalization suggests a price of more than $700,000 per Bitcoin. This stands in contrast to the current price of the asset, which is $27,747.01. He added,</p>
 <p><strong>“I think <a rel="noopener noreferrer nofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a> could easily be a $15 trillion asset. Bitcoin in many ways is more valuable than gold. We own a lot of Bitcoin here.”</strong></p>
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828227"></div>
  </div>
 </div>
 <p>Although acknowledging the ascendancy of Bitcoin, he expressed his skepticism about it evolving into a universally accepted form of currency, as fervent Bitcoin proponents envision, at least within his lifetime. However, he did entertain the notion that unconventional scenarios might unfold. This could lead to situations where nations at odds with the United States could consider trading in Bitcoin. This is in addition to denominations linked to gold, thereby moving away from the U.S. dollar. This potential shift could be driven by concerns over how the U.S. has employed the dollar to assert its geopolitical influence over other countries, according to Scaramucci’s perspective.</p>
 <p><strong>Also Read: Bitcoin ETF 90% Shot at Approval by SEC in January 2024</strong></p>
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div id="primisContainer" class="add"></div>
 </div>
 <h4 class="wp-block-heading" id="h-bitcoin-s-average-holding-period-extends-to-4-months">Bitcoin’s Average Holding Period Extends to 4 Months</h4>
 <p>In the BTC market, a notable development occurred last week when the average holding duration for transacted BTC reached a 4-month milestone. This indicates a notable increase in activity among BTC holders with a long-term outlook. The last time such an extended holding period was observed was back in January 2022, following the end of a bull market.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="463" src="https://cdn.thebittimes.com/images/2023/10/17/cf02390bb33de208a272fccd60da7d2d.webp" alt class="wp-image-116035" srcset="https://cdn.thebittimes.com/images/2023/10/17/cf02390bb33de208a272fccd60da7d2d.webp 1024w, https://cdn.thebittimes.com/images/2023/10/17/cf02390bb33de208a272fccd60da7d2d.webp 300w, https://cdn.thebittimes.com/images/2023/10/17/cf02390bb33de208a272fccd60da7d2d.webp 768w, https://cdn.thebittimes.com/images/2023/10/17/cf02390bb33de208a272fccd60da7d2d.webp 380w, https://cdn.thebittimes.com/images/2023/10/17/cf02390bb33de208a272fccd60da7d2d.webp 550w, https://cdn.thebittimes.com/images/2023/10/17/cf02390bb33de208a272fccd60da7d2d.webp 800w, https://cdn.thebittimes.com/images/2023/10/17/cf02390bb33de208a272fccd60da7d2d.webp 1160w, https://cdn.thebittimes.com/images/2023/10/17/cf02390bb33de208a272fccd60da7d2d.webp 1293w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
 <p><strong>Also Read: Bitcoin: Grayscale’s GBTC Discount Falls to 15%, 2-Year Low</strong></p>
 <p>A similar trend was also noted in July 2021. Throughout Bitcoin’s history, these prolonged holding periods have frequently coincided with significant market moments, including capitulation events. The recent data suggests a potential shift in sentiment and behavior among BTC investors. It showcases a growing inclination towards a more extended investment horizon and</p>
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828233"></div>
  </div>
 </div>
 <p></p>
</div>
<div class="cs-entry__tags">
 <ul>
  <li>bitcoin</li>
  <li>btc</li>
  <li>crypto</li>
  <li>cryptocurrency</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-s-15-trillion-market-cap-within-reach-scaramucci-says-tbt66618.html">https://thebittimes.com/bitcoin-s-15-trillion-market-cap-within-reach-scaramucci-says-tbt66618.html</a></p>

Bitcoin’s $15 Trillion Market Cap Within Reach: Scaramucci Says

TheBitTimes

Other articles published on Oct 16, 2023

Binance stops accepting new UK customers effective today

Six days after being suspended due to FTX fund detection, THORswap is back live.

An overview of current news in the crypto space

Sberbank to join Russian Central Bank’s Digital Ruble pilot

The Most Authoritative Cryptocurrency Mining Platform In 2023

CEO Testifies: BlockFi Believed Alameda Was Solvent Based on Provided Balance Sheet in SBF Trial

Join our free newsletter for daily crypto updates!