Anthony Scaramucci, founder and CEO of SkyBridge Capital, said on Thursday that the US Securities and Exchange Commission’s approval of the first spot bitcoin exchange-traded funds should be viewed as a watershed moment for bitcoin.
Speaking to CNBC’s Arjun Kharpal in the Swiss ski town of St. Moritz, Scaramucci said his New York-based hedge fund unexpectedly enjoyed its best year ever in 2023, after “spiking buying” of bitcoin, ethereum and Solana.
The former White House communications director said last year’s bumper returns came on the heels of what was an “absolutely brutal” 2022.
“I mean, listen, 2022 was the worst year for us, and 2023 was the best year for us. It’s been the best and worst of times, but I think this is a really big accomplishment for bitcoin as a digital asset,” Scaramucci said.
His comments come shortly after the Securities and Exchange Commission approved rule changes to allow the establishment of Bitcoin exchange-traded funds in the United States
The long-awaited decision, which will give ordinary investors access to the controversial and volatile cryptocurrency, is considered a landmark event in the adoption of cryptocurrency by mainstream finance.
“I think it’s a much broader story for digital ownership in general, and I think bitcoin will probably see all-time highs before the end of the year and will likely hit all-time highs by this time next year.” Scaramucci said.
Bitcoin’s previous all-time high was set at just under $69,000 in November 2021.
The price of Bitcoin collapsed in 2022, as projects failed, bankruptcies flooded the industry, and major players such as cryptocurrency exchanges and FTX faced criminal investigations in the United States.
Bitcoin then rose more than 150% in 2023, much of that increase due to excitement around the ETF.
“Obviously the SEC is not in favor of bitcoin, but in a weird way it is in favor of bitcoin because from a regulatory standpoint they have now allowed it to be offered to retail investors with a prospectus,” Scaramucci said.
“So this wrapper, if you will, will allow people to put it in their brokerage accounts. That’s incredibly meaningful.”
When asked if he would be a buyer of the ETF, Scaramucci replied: “I would be, yes. I would be a celebratory buyer.”
— CNBC’s Jesse Pound and Arjun Kharpal contributed to this report.