SkyBridge Capital founder Anthony Scaramucci has predicted that the flagship cryptocurrency could eventually reach a staggering market capitalization of $21 trillion.
Scaramucci has laid out his thesis for a $1 million per-coin valuation, arguing that Bitcoin has successfully evolved into a globally trusted, institutional-grade store of value that rivals.
Wall Street adoption
Scaramucci opened his argument by drawing a parallel between traditional fiat currency and digital assets. "A dollar bill is made of linen and cotton," he noted, emphasizing that traditional money functions entirely on collective trust.
According to the financier, Bitcoin has spent the last 16 years building its own robust, incorruptible trust system. He took note of the network's core strengths, including decentralization.
Scaramucci pointed to recent moves by Wall Street titans, including Morgan Stanley's official entry into the space.
Bitcoin is rapidly transitioning from a speculative asset to a standard allocation in "model portfolios for individuals and institutions worldwide."
The math behind the target
By design, the network's software dictates that there will only ever be 21 million Bitcoins created.
If Bitcoin achieves a valuation of $1 million per coin, its total market capitalization would naturally hit $21 trillion.
Even at a $21 trillion valuation, Bitcoin's market cap would still sit below the total estimated value of all the gold in the world. However, Scaramucci argues that Bitcoin holds distinct operational advantages over the precious metal, noting that the digital asset is significantly "faster to move and easier to store."
Dan Burgin
U.Today Editorial Team
