Reflexivity Research, a subsidiary of DeFi Technologies, held its first-ever Bitcoin Investor Day in New York City on 22 March 2024. The event sought to merge traditional financial principles with the innovative potential of Bitcoin.
Hosted by Anthony Pompliano, the co-founder of Reflexivity, the conference featured prominent discussions about the role of Bitcoin in both traditional and institutional finance. Distinguished speakers, including Cathie Wood, Anthony Scaramucci, and Mike Novogratz, addressed a diverse audience of institutional investors, capital allocators, and entrepreneurs.
At this event, Yahoo Finance reporter Brad Smith managed to get an interview with Anthony Scaramucci, the Founder and Managing Partner of SkyBridge Capital.
Scaramucci began by commending the event’s organizer, Anthony Pompliano, for making Bitcoin accessible to a broad audience, including individual investors and major institutional investors. He highlighted the transition of Bitcoin from being primarily driven by retail demand to gaining institutional comfort. This shift was largely attributed to the recent approval of 11 spot Bitcoin ETFs by the U.S. SEC, which provided a regulated investment vehicle for institutions.
Scaramucci pointed to the upcoming Bitcoin halving, expected around late April 2024, as a critical event. The halving will reduce the supply of new Bitcoin entering the market by half, from 900 to 450 bitcoins per day. He suggested that if the demand pace remains steady, this supply cut could significantly push Bitcoin’s price up.
Scaramucci attributed the significant outflows from Grayscale’s Bitcoin Trust (GBTC) following the approval of spot Bitcoin ETFs in the U.S. to a combination of factors. He mentioned bankruptcy trustees from firms like beleaguered crypto companies such as Celsius selling off their GBTC holdings and traditional GBTC investors switching to the more cost-effective spot Bitcoin ETFs.
Scaramucci discussed the impending great wealth transfer from baby boomers to younger generations, emphasizing Bitcoin’s potential role. He drew parallels between the early adoption of the internet by younger people and the expected increase in Bitcoin adoption by the same demographic. He projected a significant increase in Bitcoin demand over the next decade, potentially raising Bitcoin’s market cap to rival or exceed that of gold.
He also touched upon the growing political importance of Bitcoin and cryptocurrency, predicting that candidates’ stances on digital currencies could influence future elections. Scaramucci noted that there is increasing pressure on politicians to adopt pro-cryptocurrency positions to secure votes from the significant number of cryptocurrency wallet holders in the U.S.
On the topic of Central Bank Digital Currencies (CBDCs), Scaramucci shared insights into the discussions within the U.S. government about adopting a digital currency. While he personally does not support the idea of CBDCs, he acknowledged the inevitability of their development, especially if other major economies like China and the European Union move forward with their digital currencies.
Finally, Scaramucci spoke about the current trends in the equity market, particularly concerning AI companies. He suggested that if the Federal Reserve cuts interest rates as expected, it could provide a boost to the market, including AI stocks. However, he advised investors to focus on long-term trends rather than short-term market movements, echoing his advice to Bitcoin and AI investors to hold onto their investments for long-term gains.
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