SkyBridge Capital founder Anthony Scaramucci said Bitcoin’s (BTC) current price near $97,000 reflects where it should have been two years ago.

Speaking on CNBC’s Squawk Box on Feb. 10, Scaramucci said Bitcoin’s delayed rally was largely due to the sluggish approval of a spot Bitcoin exchange-traded fund (ETF), which he argued should have been greenlit in early 2022.

Scaramucci said:

“The delay caused a lot of the price damage.”

He added that Bitcoin’s long period of stagnation in 2022 and 2023 was directly linked to regulatory uncertainty. Bitcoin did not break past $60,000 again until March 2024, following the eventual approval of spot ETFs in January.

Institutional interest

Scaramucci pointed to rising institutional adoption and nation-level interest as a key driver for Bitcoin’s future trajectory.

He noted that university endowments, including Emory University and the University of Austin, have begun exploring Bitcoin investments, with Emory disclosing a stake in Grayscale’s Bitcoin ETF last year.

He also suggested that a US strategic Bitcoin reserve was plausible. He noted:

“Contrary to popular belief, the US already holds nearly 30 different assets in its strategic reserve. Bitcoin is an asset the country will want to own at some level.”

Additionally, he claimed that sovereign wealth funds in the Middle East have been quietly accumulating Bitcoin, further strengthening its long-term prospects.

The Trump Factor

Scaramucci believes Bitcoin’s regulatory environment has improved under the current Donald Trump administration, describing it as “propitious, decent, middle-of-the-road regulation.”

He suggested that more policy stability and industry engagement could help Bitcoin maintain its current momentum.

Bitcoin’s price fluctuations have remained a focal point for investors, with the digital asset dipping below $100,000 after a prolonged climb.

Based on CryptoSlate data, BTC was trading at $97,492 as of press time.

Market analysts continue to debate whether the flagship crypto can sustain its upward trajectory, especially with upcoming US economic data potentially influencing risk sentiment.

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