Wild Times Ahead Once Wall Street “Selling Machine” Starts Pushing Bitcoin

Anthony Scaramucci views Bitcoin as an early technology with potential to become a store of value.
He highlights the significant cost reduction in financial transactions that crypto technologies could achieve.
Jenny Johnson, echoing Scaramucci, emphasises her focus on digital assets and disruptive technologies, noting Wall Street’s lack of engagement.
Both highlight the underestimation by traditional finance of the significant impact and growth within the crypto ecosystem.

Skybridge Capital founder Anthony Scaramucci attended the Wyoming Blockchain Symposium and spoke to CNBC’s Squawk Box about his view on institutional Bitcoin adoption.

According to Scaramucci, Bitcoin isn’t really a store of value right now, but he believes that could change.

I’ve always maintained…I don’t see Bitcoin as a store of value today, I still see it as an early adopting technology. Could it be a store of value if there’s over a billion wallets? Sure.

Anthony Scaramucci

Application Building First, Then Store of Value

Although he admits it can be a store of value in the future, right now there’s still a lot of applications that are being built on and around the crypto-OG, he says.

Is it a future store of value? Yes. There’s payments and rails systems on Bitcoin and other layer-1 technology that will advance our economies.

Anthony Scaramucci

The former White House Director of Communications said that the possibility to improve financial markets and reduce cost of transactions via Bitcoin and other cryptos has huge potential – similar to past transformations for example in telecommunication tech.

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We’re spending six, seven trillion dollars a year on transactions and verification of transactions. This could reduce those costs the same way we reduced a lot of telecom costs.

Anthony Scaramucci

Is Bitcoin Price Driven by ETFs or Retail Investors?

CNBC’s Andrew Ross Sorkin asked the “Mooch” how much of the current price action is caused by the exchange-traded funds (ETFs) launched in January 2024, compared to the normal retail investor. Scaramucci believes it’s roughly 65% ETF flows and 35% in “direct coins” as he put it.

He added that the ETFs have made Bitcoin easily accessible by a broad range of investors, many of whom remain to a large extent an untapped source.

Wall Street is a selling machine, they haven’t even amped up that selling machine yet. Just imagine tens of thousands of financial advisers explaining to people out there that they need a position of this in their portfolio.

Anthony Scaramucci

Crypto Ecosystem with Huge Potential, Yet Wall Street Has “No Idea”

Scaramucci’s conclusion of the current state of crypto is encouraging as he says he “likes where we are right now”, adding he’s been through two bear cycles and endured the pain to get here.

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His views are echoed by another prominent person in the industry, Franklin Templeton’s CEO Jenny Johnson. Johnson, who was also at the Wyoming event said she currently spends a third of her workday on digital assets and similar disruptive tech.

But the CEO added that she is shocked how little attention Wall Street pays yet.

What’s crazy to me is that in traditional finance, they have no idea about the amount of money and the volume. There’s an entire ecosystem that almost ignores what is a parallel, massive ecosystem.