SkyBridge Capital founder Anthony Scaramucci explained his views on how the launch of a spot Bitcoin (BTC) exchange-traded fund (ETF) could affect the price of BTC.
Scaramucci predicts that a spot Bitcoin ETF could be approved as early as the first quarter of next year, potentially triggering a bull market.
Scaramucci, who previously served as White House Communications Director, shared his views with Scott Melker on the program 'The Wolf of All Streets'. He explained that on Wall Street, products are often sold rather than bought. Therefore, he expects tens of thousands, if not more than 100,000 people at Wall Street firms to sell BTC spot products to their traditional investors.
Scaramucci continued his statement about Bitcoin and said:
“Those who understand Bitcoin's limited supply and unique qualities will see this as a positive development. “This will push Bitcoin up and have a significantly positive impact on the altcoin market because it will lead to more capital entering digital properties.”
The SEC had postponed its decision regarding these ETFs in recent weeks.
*This is not investment advice.