Anthony Scaramucci is an American financier, entrepreneur, and author who has worn many hats throughout his career. He is best known for founding the global hedge fund SkyBridge Capital in 2005. He also served as the White House Communications Director in 2017 and is a respected figure in the finance world. Scaramucci is also a vocal advocate for Bitcoin and altcoins.

It’s done

— Anthony Scaramucci (@Scaramucci) January 4, 2024

The Fallout from Scaramucci’s Post

Although Scaramucci offered no further explanation, crypto influencers like Dan Gambardello quickly questioned whether he was hinting at the SEC approving spot Bitcoin ETFs.

Gambardello asked, “Done, as in, ETF approved?” Another wrote, “Is the ETF in the room with us now?” Scaramucci’s post ignited a flurry of excitement, with many interpreting it as an SEC ETF approval and a bullish hint for the broader crypto market.

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Potential Effects of Spot Bitcoin ETF Approval

Earlier this week, a prediction dampened spirits and caused a significant crash in the crypto market. An article from Matrixport suggested the SEC might deny all spot Bitcoin ETF applications. This article sent the market into free fall, with the entire market losing 7.5% of its market cap and many major cryptocurrencies dropping by over 10%.

Solana (SOL) dropped below $100, XRP dropped below $0.6, and other tokens in the crypto market shed hard-fought gains. Terra Classic (LUNC) also suffered a huge loss, dropping below the $0.00001 resistance level, and Google Bard believes LUNC might not regain that level if a bearish trend persists.

Despite the temporary dip, experts remain optimistic about the crypto market’s future, as the recovery started almost immediately. 24 hours after the decline, most tokens were showing a 24-hour increase.

Many experts still expect an ETF approval in January or the first quarter of 2024. This approval could cause a major surge, just before the Bitcoin halving event in April. Crypto investors need to avoid panic selling, as that was the cause of the decline after the Matrixport article.

Although the focus is on Bitcoin ETF approval, a finance expert recently tried to steer Wall Street in the direction of an XRP ETF, giving reasons why XRP ETFs should be seriously considered.

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Scaramucci, who is also the head of SkyBridge Capital hedge fund, said this during his recent appearance on CNBC’s Squawk Box. He also disclosed the reason for remaining bullish on Bitcoin (BTC) and Ethereum (ETH).

Read Also: PwC Study: Majority of Crypto Hedge Fund Managers Remain Bullish On Bitcoin Despite Current Market Downturn

He said he believes cryptocurrencies will recover from this steep fall if the market players stay prudent in spite of the domination of pessimistic sentiment due to the current market condition.

During the discussion, Scaramucci also compared the current dump to the meltdown of web1 firms in 2000, when virtually all internet company stocks crashed. He then urged investors to remain disciplined in this bear market.

When the host, Andrew Dorkin, asked him about the phrase “buy the dip, he said SkyBridge has leveraged the current dip to acquire more Bitcoin (BTC) and Ethereum (ETH).

"I am encouraged by the fact that #Bitcoin is above 50% of the overall #crypto marketcap right now which is another sign that there's a flight to quality there," says @Scaramucci. "I would recommend people stay disciplined. We have bought more $BTC and $ETH." pic.twitter.com/5gzOytm4N5

— Squawk Box (@SquawkCNBC) June 13, 2022

Scaramucci: Bitcoin (BTC) Will Hit $100,000 Eventually

In the course of the conversation, Scaramucci said he’s pleased with the fact that Bitcoin still dominates the crypto market in terms of capitalization with over 50%.

Scaramucci also showcased his confidence in seeing Bitcoin (BTC) hitting $100,000 within 12 to 24 months. He added that the current weak market has a purchasing potential. He thereby urged investors to keep accumulating to avoid being disappointed later.

Read Also: CEO of $80 Billion Asset Manager Says Bitcoin (BTC) Will Reach $250k but Could Take Decades

It’s worth noting that the market cap of the crypto market dropped below $1 trillion on the 13th of June 2022, after surpassing $3 trillion in November 2021 when Bitcoin recorded its price all-time high of relatively $69,000.

At the time of filing this report, Bitcoin (BTC) is trading at 22,176, with a relatively 7% price downtrend in the last 24 hours.

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