Bitcoin Market Cap Over Gold – Anthony Scaramucci
On day 2 of the Bitcoin 2024 conference in Nashville, Tennessee, Anthony Scaramucci shared his belief that Bitcoin will surpass the total capitalization of gold.
The founder of Skybridge Capital has explained that Bitcoin (BTC) should not trade at the same market cap as chip-making giants Nvidia or Apple because Bitcoin is a “class of wealth” and not a company.
“It should trade toward gold capitalization. And I would argue that it's better than gold. So it's probably going to trade higher than gold toward market capitalization.”
According to Scaramucci, the current capitalization of gold rests between 15 trillion and 16 trillion dollars, a number that Bitcoin should be able to surpass within ten years. A similar prediction was made by Anthony Pompliano in 2020, who said that Bitcoin would overtake gold in less than a decade.
Pension funds will be converted to Bitcoin.
During the panel, Scaramucci pointed to the growing adoption of Bitcoin as an asset in state and municipal pension funds such as the Wisconsin State Pension Fund and the Jersey City Municipal Pension Fund.
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In the year In a May 2024 filing, the Wisconsin Investment Board said it owned 2.4 million shares of BlackRock's iShares Bitcoin Trust (IBIT), valued at $100 million at the time, and about 1 million shares of Greyscale's Bitcoin Trust (GBTC). About $64 million at the time, for a total investment of $164 million.
Additionally, Japan's Government Pension Investment Fund, the world's largest pension fund, announced in March 2024 that it is exploring adding bitcoin to its portfolio. At the time of the announcement, a spokesperson for the fund cited “major changes in the economy and society and rapid technological advances” as the main drivers behind the split into Bitcoin.
Companies are doing it too.
Corporations are also turning to Bitcoin to protect their treasury holdings from financial collapse and runaway inflation.
In June 2024, DeFi Technologies joined the growing list of companies adopting the Bitcoin treasury strategy. The firm announced that it had purchased 110 bitcoins under its Fixed Supply Treasury plan, which caused a spike in its stock price following the announcement.
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