Anthony Scaramucci On Why Bitcoin Surged To New All-Time Highs And Where It's Headed Next

Anthony Scaramucci On Why Bitcoin Surged To New All-Time Highs And Where It's Headed Next

Bitcoin BTC/USD surged to new all-time highs this week following the listing of the first-ever Bitcoin futures ETF, ProShares Bitcoin Strategy ETF BITO

Beyond the Bitcoin futures listing catalyst, there are a number of other factors contributing to the recent rally in Bitcoin, according to SkyBridge Capital's Anthony Scaramucci.

"There were seminal things that happened this week in addition to the Bitcoin futures ETF," Scaramucci said Friday on CNBC's "Squawk Box."

Bank of New York announced cryptocurrency plans that entail institutional custody by the first quarter of 2022, Scaramucci said. The nation's oldest bank said Thursday it will hold, transfer and issue cryptocurrencies on behalf of Bank of New York asset-management clients.

"With Bank of New York entering the marketplace, that's going to increase the demand," Scaramucci said. 

See Also: Bitcoin Rally Takes A Breather Taking Ethereum, Dogecoin Down With It But These Coins Are Still Up

Scaramucci also cited adoption from the Houston Firefighters Pension Fund, Harvard and Yale. The SkyBridge Capital founder noted that as people continue to hold Bitcoin, the supply continues to shrink.

Scaramucci told CNBC he remains "very optimistic" about where Bitcoin is headed by the end of the year.

"At the beginning of the year, we were establishing our position. We had a $100,000 price target for year end. I still think Bitcoin gets there."

BTC Price Action: Bitcoin was down 3.14% at $61,482 over a 24-hour period at time of publication.

Photo: kevin tatchinda fogue from Pixabay.

Posted In: Anthony ScaramucciCNBCCryptocurrencyLong IdeasNewsMarketsMediaTrading Ideas