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Bitcoin is currently trading near $113,000, and according to SkyBridge Capital founder Anthony Scaramucci, the rally has entered a new phase dominated by institutional adoption. In an interview with CNBC, SkyBridge Capital founder Anthony Scaramucci has opened up about the growing role of traditional finance in crypto markets and predicted further upside for Bitcoin by the end of the year.
The SkyBridge chief remains confident in Bitcoin’s fundamentals. With only 450 new bitcoins mined daily, demand continues to far outweigh supply. His firm has kept its year-end price target in the $180,000 to $200,000 range, which he described as a more realistic prediction compared to even more aggressive projections from other market participants.
“We have seen cycles of pain and euphoria, but the math is clear,” Scaramucci explained. “There is simply not enough new issuance to meet growing demand.”
Asked about the choice between buying Bitcoin directly, ETFs, or exposure through companies such as MicroStrategy, Scaramucci described all avenues as valid but differentiated. Institutions restricted from holding Bitcoin directly often choose ETFs or Bitcoin-linked equities, while purists and long-term holders still prefer direct ownership.
Even banks like JPMorgan now lend against Bitcoin, underscoring its growing credibility as collateral. SkyBridge itself continues to hold substantial amounts of Bitcoin in custody.
Scaramucci also addressed the expanding stablecoin market, including the state of Wyoming’s announcement of its own dollar-backed token. He views the growth of stablecoins as supportive of the US dollar and Treasury markets, while also fostering new payment rails that could bypass costly intermediaries like credit card companies.
At past SkyBridge events, attendees tested stablecoin-based payments in Bermuda, with instant settlement proving both efficient and user-friendly. He expects further consolidation in the sector, with private companies driving innovation rather than a government-issued central bank digital currency.
