Anthony Scaramucci says that the BTC Market Cap will Surpass Gold. Bitcoin Market Cap is roughly $1.3 trillion, while the entire crypto market cap is roughly $2.4 trillion.
Anthony Scaramucci expressed his conviction that Bitcoin will surpass the total market capitalization of gold during the second day of the Bitcoin 2024 conference in Nashville, Tennessee.
The founder of SkyBridge Capital clarified that Bitcoin should not be traded to a market valuation comparable to that of chipmaking giants Nvidia or Apple, as it is classified as an “asset class” rather than a company.
“It’s got to trade to the market capitalization of gold. And I would argue that it’s better than gold. So it’ll probably trade to market capitalization above gold.”
Scaramucci estimates that the present market capitalization of gold is between $15 trillion and $16 trillion, a figure that Bitcoin is expected to surpass within the next decade. Anthony Pompliano also made a comparable prediction in 2020, asserting that Bitcoin would eclipse gold in less than a decade.
Pension funds begin to utilize Bitcoin
During the panel, Scaramucci also noted the increasing acceptance of Bitcoin as an asset in state and municipal pension funds, such as the state pension fund of Wisconsin and the municipal pension fund of Jersey City.
The State of Wisconsin Investment Board disclosed in a May 2024 filing that it retained approximately 1 million shares of Grayscale’s Bitcoin Trust (GBTC) and 2.4 million shares of BlackRock’s iShares Bitcoin Trust (IBIT), which were valued at approximately $64 million and $100 million, respectively, for a total investment of $164 million.
Furthermore, Japan’s Government Pension Investment Fund, the world’s largest pension fund, disclosed in March 2024 that it was considering incorporating Bitcoin into its portfolio. At the time of the announcement, the fund’s spokespersons identified “rapid technological advancements and significant changes in the economy and society” as the primary factors motivating the prospective diversification into Bitcoin.
Companies are also engaging in Bitcoin Use
Corporations also employ Bitcoin to safeguard their treasury holdings from rampant inflation and monetary debasement.
DeFi Technologies became the latest addition to many organizations implementing a Bitcoin treasury strategy in June 2024. The firm’s stock price experienced a significant increase due to the announcement that it had acquired 110 Bitcoin through its fixed-supply treasury plan.