Originally published on: July 26, 2024
At the Bitcoin 2024 conference in Nashville, Tennessee, renowned investor Anthony Scaramucci made a bold prediction: Bitcoin is on track to surpass the market capitalization of gold. Scaramucci, the founder of SkyBridge Capital, emphasized that Bitcoin should not be evaluated in the same way as companies like Nvidia or Apple, as it represents a distinct asset class in the financial landscape.
The Road to Overtaking Gold
Scaramucci estimated that the current market capitalization of gold lies between $15 trillion to $16 trillion, a milestone that Bitcoin is expected to reach within the next decade. This projection echoes a similar sentiment expressed by Anthony Pompliano in 2020, who also foresaw Bitcoin overtaking gold within the same timeframe.
The Rise of Bitcoin in Institutional Portfolios
During the conference panel, Scaramucci highlighted the increasing adoption of Bitcoin as an investment asset by institutional players, such as state and municipal pension funds. Notably, pension funds like Wisconsin’s state pension fund and Jersey City’s municipal pension fund have started incorporating Bitcoin into their investment portfolios.
In a notable move, the State of Wisconsin Investment Board disclosed in a filing that it held significant positions in both BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC), collectively amounting to $164 million. Similarly, Japan’s Government Pension Investment Fund, the world’s largest pension fund, signaled its interest in exploring Bitcoin as an investment option due to evolving economic trends and technological advancements.
Corporate Adoption of Bitcoin Treasury Strategies
In response to economic uncertainties and inflation concerns, corporations are increasingly turning to Bitcoin to safeguard their treasury holdings. DeFi Technologies made headlines by adopting a Bitcoin treasury strategy, acquiring 110 Bitcoin as part of its fixed-supply treasury plan. This strategic move not only diversified the company’s assets but also led to a surge in its stock price post-announcement.
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Byline: As the digital currency landscape continues to evolve, Bitcoin’s potential to surpass gold in market capitalization is attracting significant attention from investors and institutions alike. With influential figures like Anthony Scaramucci backing its growth trajectory, the journey towards mainstream acceptance of Bitcoin as a legitimate asset class appears to be gaining momentum.
