Scaramucci Urges People to Act As if They’re Already Dead

Scaramucci Urges People to Act As if They’re Already Dead

During a panel at the Bitcoin Investor Day conference, Anthony Scaramucci, the founder of SkyBridge Capital, advised investors not to sell their bitcoin despite the high volatility in the market. He suggested that clients should “act like you’re dead” and hold onto their investments without making any moves. Scaramucci mentioned that investors have been pleased with their bitcoin allocations but have been concerned about the asset’s significant price fluctuations.

Scaramucci, a veteran of Wall Street with three decades of experience, mentioned that he believes bitcoin’s total market cap could eventually rival that of gold, which is estimated to be around $12 trillion. He emphasized the importance of patience and not making impulsive decisions when it comes to investing in bitcoin.

With the recent approval of 11 spot bitcoin ETF products by the Securities and Exchange Commission, institutional demand for bitcoin has been on the rise. This has led to a 44% increase in the price of bitcoin year-to-date, with the cryptocurrency trading at around $63,750. The upcoming halving event in April is expected to create a supply shock that could further drive up the price of bitcoin.

Cathie Wood, the CEO of ARK Invest, also shared her bullish outlook on bitcoin at the conference, suggesting that the cryptocurrency could potentially reach a price target of $3.8 million by 2030. Wood’s firm was among the 11 companies approved for a bitcoin ETF by the SEC, indicating a growing acceptance of bitcoin in the traditional financial world.

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