Bitcoin to Benefit from $84 Trillion Baby Boomers Wealth Transfer, Anthony Scaramucci Says

Anthony Scaramucci, founder of SkyBridge Capital, has a positive outlook on Bitcoin’s future, anticipating a strong increase in demand for the cryptocurrency in the next ten years. Speaking at the Bitcoin Investor Day conference held in New York City, Scaramucci highlighted the massive $84 trillion wealth transfer from baby boomers to millennials as a key factor that will drive Bitcoin’s popularity skywards.

He pointed out that younger investors, around the age of 25, are already investing heavily in Bitcoin, unlike their older counterparts who have yet to fully embrace the cryptocurrency. This gap indicates a potential for a sharp rise in Bitcoin demand as new investors continue to enter the market.

“So in the next 10 years, I see it like a big python where Bitcoin is going to get absorbed into the python. There will be a big bump up in Bitcoin demand and that’s coming inside of the next decade,” Scaramucci explained.

He also entertained the possibility of Bitcoin reaching the $1 million mark, drawing a comparison to gold’s market capitalization, which is approximately $14.5 trillion. According to Scaramucci, industry experts like Michael Novogratz and Cathie Wood believe that Bitcoin could reach a market cap of $21 trillion, exceeding gold by 150%.

“They’re suggesting that Bitcoin should trade to a 150% of gold’s overall market cap. Let’s say they’re wrong. Let’s say it trades to its market cap or half of what they’re saying, that’s still inside of the ballpark of what I would consider digital gold.”