Anthony Scaramucci says a \u201cmillion dollar Bitcoin\u201d will come down to a SWF saying, \u201cOk, this is part of the infrastructure of the world\u2019s financial services.\u201d <\/p>\n
Sovereign Wealth Funds are already gaining exposure to Bitcoin, but significant allocations won\u2019t happen until the United States establishes clearer regulations for the digital assets industry, says SkyBridge founder Anthony Scaramucci.<\/p>\n
\u201cI think they are buying it, I think they are buying it on the margin,\u201d Scaramucci, former White House director of communications during US President Donald Trump\u2019s first term, said<\/a> on Anthony Pompliano\u2019s podcast on May 8.<\/p>\n \u201cI don\u2019t think it is going to be a gigantic groundswell of buying until we greenlight legislation in the United States,\u201d he added. Scaramucci previously said in a February interview with the Financial Times that he expects the US government to propose crypto legislation in November<\/a>.<\/p>\n SWFs are government-owned investment funds that manage national savings<\/a>, often built from surplus revenues like oil profits or trade gains. Norway has the largest SWF in the world, with approximately $1.73 trillion in assets under management, followed by China with $1.33 trillion, according<\/a> to data from Visual Capitalist.<\/p>\n Bitcoin\u2019s (BTC<\/a>) market cap is approximately $2.05 trillion, according<\/a> to CoinMarketCap.<\/p>\n Scaramucci said that if stablecoin regulation is passed, clear guidance is provided for traditional banks to custody of Bitcoin and other digital assets, and there\u2019s progress on tokenizing stocks and bonds, a significant wave of buying from Sovereign Wealth Funds is likely to follow.<\/p>\n \u201cThen I will tell you that there will be large blocks of buying, or people worth 10, 20, 30 trillion dollars, buying a half a billion dollars of Bitcoin, buying a billion of Bitcoin,\u201d Scaramucci said.<\/p>\n Related: <\/strong><\/em>Institutional investors continue to scoop up Bitcoin above $100K<\/strong><\/em><\/a><\/p>\n \u201cBut if you wanna see a million dollar Bitcoin, that\u2019s when someone at a sovereign says ok, this is part of the infrastructure of the world\u2019s financial services architecture,\u201d he added.<\/p>\n ARK Invest CEO Cathie Wood recently said that the chances of Bitcoin<\/a> reaching a seven-figure price by 2030 have increased.<\/p>\n \u201cWe actually think the odds have gone up that our bull case will be the right number because of what is becoming the institutionalization of this new asset class,\u201d Woods said in February.<\/p>\n Magazine: <\/strong><\/em>Adam Back says Bitcoin price cycle\u2019 10x bigger\u2019 but will still decisively break above $100K<\/strong><\/em><\/a><\/p>\nBitcoins Legislation will lead to \u201clarge blocks of buying\u201d<\/h2>\n