Key Takeaways
- Scaramucci says Bitcoin could reach $1.1 million with one billion active wallets.
- CRPT ETF holds Bitcoin-linked firms like MicroStrategy and Coinbase, with 73% of the fund in such equities.
- The ETF has grown 35% year-to-date, reaching $89.5 million in assets under management.
Anthony Scaramucci, founder of SkyBridge Capital, said Bitcoin could hit $1.1 million as active wallets grow to one billion, underscoring its evolution from speculative asset to institutional-grade asset class.
Speaking on Bloomberg TV, Scaramucci compared Bitcoin’s potential market size to gold’s $22–$23 trillion valuation.
He asked:
Is Bitcoin an investment, or is it an asset class? If it’s an asset class… it should trade closer to where gold is.
Promotion of CRPT ETF
Scaramucci also promoted the First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT), a Bitcoin proxy fund that holds equities from firms such as MicroStrategy, Coinbase, Galaxy Digital, and MetaPlanet.
Together, these firms make up 73% of CRPT’s portfolio.
MicroStrategy leads with 568,840 BTC worth around $59 billion, while MetaPlanet recently surpassed 5,000 BTC. Galaxy Digital, weighted at 15.3%, will move to the Nasdaq Global Select Market on May 16.
Coinbase, with a 15.7% weight, reported $2.03 billion in Q1 revenue, despite missing earnings estimates.
CRPT’s growth & investor appeal
CRPT’s assets under management reached $89.5 million on May 3, up 35% year-to-date.
Scaramucci called the ETF a “good surrogate” for investors restricted from buying spot Bitcoin due to brokerage compliance rules, despite spot ETFs being approved in January 2024.
Broader Bitcoin adoption
He concluded that as Bitcoin adoption broadens—reaching one billion holders—volatility should decrease, citing parallels to long-term behavior in companies like Microsoft and Google.
