Bitcoin ETF

Bitcoin

After recounting some events associated with Bitcoin (BTC), SkyBridge founder Anthony Scaramucci they concluded that BTC’s growth fundamentals are right before us.
<h2 id="strong-the-bitcoin-etf-and-microstrategy-analogy-strong">The Bitcoin ETF and MicroStrategy Analogy</h2>
While the spot Bitcoin ETF ecosystem has seen significant flows in the last few days, the SkyBridge founder highlighted that these flows are synonymous with the volume of Bitcoin (BTC) that MicroStrategy’s former CEO Michael Saylor purchases every 30 days.&nbsp;
It is not conceded that MicroStrategy holds the <a href="https://coingape.com/microstrategys-bitcoin-accumulation-hits-190000-btc-amid-q4-revenue-dip/" rel="noopener noreferrer nofollow">largest Bitcoin portfolio</a> amongst its Wall Street peers. The business software intelligence firm adopted a strategy for the leading cryptocurrency by market capitalization in 2020, amidst the global pandemic. Michael Saylor’s MicroStrategy continues to buy Bitcoin and shows no sign of selling its holding soon.
Since the United States Securities and Exchange Commission (SEC) <a href="https://coingape.com/breaking-sec-gives-nod-to-spot-bitcoin-etf-opens-door-for-trading/" rel="noopener noreferrer nofollow">gave its support to spot Bitcoin ETFs</a>, the nascent niche has seen huge flows. The total flows for spot Bitcoin ETF have now surpassed $1.6 billion and while this is an outstanding figure, it is still in close competition with the volume of Bitcoin registered by only MicroStrategy.&nbsp;
Scaramucci also compared the length of days it takes for MicroStrategy’s Bitcoin acquisition now to what it would become when the much anticipated halving event happens. If the spot Bitcoin ETF products already stack as much BTC as MicroStrategy within 30 days, he believes that they would be able to achieve the same volume in a space of 15 days <a href="https://coingape.com/markets/bitcoin-halving-2024-how-miners-will-influence-btc-price-future-trend/" rel="noopener noreferrer nofollow">post-halving</a>.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Bitcoin ETFs flows are an <a href="https://twitter.com/saylor?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Saylor</a> every 30 days. Halving makes that 15days. Then comes more Saylors (Corps with changed FASB rules). Then more use cases. And states and countries. RIAs. Then declining interest rates then money printing. The fundamentals are right there…
 — Anthony Scaramucci (@Scaramucci) <a href="https://twitter.com/Scaramucci/status/1755590545601376691?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 8, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Furthermore, he noted that in the coming days, there would be more use cases for Bitcoin&nbsp;
<h2 id="strong-scaramucci-s-bullish-stance-on-bitcoin-btc-price-strong">Scaramucci’s Bullish Stance on Bitcoin (BTC) Price</h2>
These statements confirm that the SkyBridge founder is very bullish about Bitcoin. His stance about the possibility available to the price of the flagship cryptocurrency has not changed over time, rather, he has become bolder.&nbsp;
Right after the SEC approved the Bitcoin ETF applications, Scaramucci <a href="https://coingape.com/bitcoin-etf-approval-could-lead-to-record-highs-predicts-scaramucci/" rel="noopener noreferrer nofollow">predicted</a> that the coin would reach new highs. In light of the upcoming halving event, he also mentioned Bitcoin could have a <a href="https://coingape.com/anthony-scaramucci-bitcoin-btc-price-halving/" rel="noopener noreferrer nofollow">market value of $170,000</a>.
At this time, the coin is not even halfway to $170,000 as it is currently trading at $45,104.56 and has had more than a 3% increase in its value within the last 24 hours.
The post <a href="https://coingape.com/bitcoin-btc-growth-fundamentals-are-right-before-you-anthony-scaramucci/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Growth Fundamentals Are Right Before You -Anthony Scaramucci</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin (BTC) Growth Fundamentals Are Right Before You -Anthony Scaramucci

Table of Contents

Coingape News Media

Other articles published on Feb 8, 2024

Decisive Chart Pattern for XRP; Emerging The Graph Competitor Picks Up Steam

Bitcoin Mining Behemoths Expand Holdings as Sell-Offs Subside

Disney Invests $1.5 Billion in Epic Games for Metaverse-Like Gaming and Entertainment Universe

Wormhole Unveils its Native Token, “W”, Hints at Upcoming Airdrop

AI Competition Heats Up as Google Unveils Subscription Model for Gemini AI Bot

‘Heroes of Mavia’ token airdrop follows entry into crypto gaming sphere

Join our free newsletter for daily crypto updates!