Bitcoin’s current bull run, pushing the bitcoin price up by more than 350% over the last year, has seen a host of big names flocking to cryptocurrencies.
The bitcoin price has soared to almost ,000 per bitcoin this week after Elon Musk’s Tesla
TSLA
announced it had bought .5 billion worth of bitcoin—pushed still higher by surprise support from the oldest U.S. bank.
Now, hedge fund manager Anthony Scaramucci, whose infamous 2017 tenure as Donald Trump’s communications director lasted just 11 days, has predicted the huge bitcoin price rally could have a lot further to run.
Donald Trump’s former communications director Anthony Scaramucci, a Harvard law school graduate and … [+] Getty Images
Scaramucci made headlines at the beginning of this year when he announced his New York-based fund of hedge funds, Skybridge Capital, had started the Skybridge Bitcoin Fund—calling bitcoin still “in its early innings.”
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Speaking to Yahoo Finance this week, Scaramucci said he believe money manager performance will be benched off of bitcoin, helped by the likes of Tesla and Jack Dorsey’s payments company Square
SQ
adding bitcoin to their books.
“You’re going to be benchmarked off of bitcoin, meaning in your mosaic of stocks and bonds and alternatives and gold, there’ll be a few percentage points related to digital currency,” Scaramucci said, adding bitcoin could “easily trade” at 0,000 in the next 12 months.
“Since bitcoin is the winner of that battle, it’ll likely be bitcoin. So if you’re not going to be an investor in bitcoin you’re effectively short bitcoin.”
The SkyBridge Bitcoin fund is “heading towards 0 million” in assets under management, according to Scaramucci, who thinks bitcoin has “a very big future.”
The bitcoin price has soared over 350% in the last 12 months, climbing to almost ,000 per … [+] Coinbase
Scaramucci’s belief in bitcoin comes after the financial services industry has begun to warm to bitcoin and cryptocurrencies in recent months, with interest from the likes of Wall Street giants JP Morgan and Citibank bolstering support from PayPal
PYPL
and Visa
V
.
Wall Street’s interest in bitcoin and cryptocurrencies comes as the bitcoin price has surged to all-time highs this year, helped by a number of high-profile investors, including the famed Paul Tudor Jones, who named bitcoin as an emerging inflation hedge early last year.
