Scaramucci: Bitcoin’s Current Price Reflects What It Should Have Been in 2022

Anthony Scaramucci, the founder and managing partner of SkyBridge Capital, recently commented on Bitcoin’s current price during an appearance on CNBC’s Squawk Box. He stated that Bitcoin’s current price of around $98,000 is “where it should have been in 2022.” Scaramucci emphasized that the approval of a Bitcoin spot exchange-traded fund (ETF) in January 2024—something he believes should have happened in the first quarter of 2022—was a critical factor in Bitcoin’s price stagnation during much of 2022. According to Scaramucci, the delay in the approval of this Bitcoin ETF had a substantial impact, preventing Bitcoin from reaching its true value earlier.

He further explained that the prolonged weakness in Bitcoin’s price throughout 2022 was a result of the delay, but he noted that Bitcoin’s resurgence above $60,000 in March 2024 indicated a recovery. This surge, he believes, marks a return to a more accurate valuation of Bitcoin.

Scaramucci also discussed several positive factors he believes are fueling Bitcoin’s current momentum. He pointed out the increasing institutional interest in Bitcoin, particularly from university endowments. He mentioned that Emory University had disclosed a stake in Grayscale’s Bitcoin ETF in late 2024, and the University of Austin is contemplating the launch of its own Bitcoin investment fund. Scaramucci sees this growing institutional interest as a sign of Bitcoin’s potential for broader adoption.

Moreover, Scaramucci speculated that a Bitcoin strategic reserve fund could be established in the U.S. at some point, albeit on a small scale. He explained that the U.S. Strategic Reserve already holds a diverse range of assets—nearly 30 different ones—and that Bitcoin will likely become one of these assets in the future, as it gains recognition as a store of value.

In addition, Scaramucci pointed to the quiet accumulation of crypto positions by sovereign wealth funds in the Middle East as another bullish signal for Bitcoin. He noted that these funds are gradually building their exposure to cryptocurrency, suggesting a long-term strategic interest in digital assets like Bitcoin.

Overall, Scaramucci believes that the delayed approval of the Bitcoin ETF and the current political climate under the Trump administration, with “middle-of-the-road regulation,” have contributed to a positive environment for Bitcoin. He is optimistic that these factors, along with growing institutional adoption and potential future strategic reserves, will lead to continued upward momentum for Bitcoin in the coming years.