{"id":479695,"date":"2025-05-13T11:21:19","date_gmt":"2025-05-13T10:21:19","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=479695"},"modified":"2025-05-13T11:21:50","modified_gmt":"2025-05-13T10:21:50","slug":"bitcoins-path-to-1-1-million-will-see-1-billion-active-wallets-according-to-anthony-scaramucci","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoins-path-to-1-1-million-will-see-1-billion-active-wallets-according-to-anthony-scaramucci\/","title":{"rendered":"Bitcoin&#8217;s path to $1.1 million will see one billion active wallets according to Anthony Scaramucci"},"content":{"rendered":"<p class=\"p1\">Bitcoin\u2019s potential trajectory toward $1.1 million and a billion wallets formed a key narrative in Anthony Scaramucci\u2019s appearance on Bloomberg TV yesterday.<\/p>\n<p class=\"p1\">In it, he framed Bitcoin not only as digital gold but also as a maturing asset class on the verge of widespread institutional integration, commenting,<\/p>\n<blockquote><p>\u200a&#8221;Is Bitcoin an investment, or is it an asset class? If it's an investment, then $1\u2013$3 trillion, that sort of makes sense. That's akin to a Mag seven market capitalization. But if it's an asset class. It should trade closer to where gold is&#8230; $22\u2013$23 trillion right now.&#8221;<\/p><\/blockquote>\n<p class=\"p1\">Scaramucci\u2019s comments stressed a longer-term adoption curve, linking user growth to volatility dampening and reinforcing his thesis through the lens of infrastructure-focused investment.<\/p>\n<h2>SkyBridge Bitcoin proxy ETF<\/h2>\n<p class=\"p1\">The SkyBridge Capital founder had been discussing the First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT), which offers exposure to Bitcoin\u2019s performance through corporate equities closely tied to the asset.<\/p>\n<p class=\"p1\">With Strategy (formerly MicroStrategy), Coinbase, Galaxy Digital, and MetaPlanet collectively accounting for approximately 73% of CRPT\u2019s holdings, the ETF presents a proxy strategy for investors restricted from directly purchasing spot Bitcoin.<\/p>\n<p class=\"p1\">These restrictions remain a hurdle for many U.S. financial advisors operating under brokerage compliance policies, despite the January 2024 approval of spot-Bitcoin ETFs.<\/p>\n<p class=\"p1\">CRPT\u2019s structure is designed to appeal to this demographic. Its actively managed approach skews heavily toward firms that integrate Bitcoin into their balance sheets or business models.<\/p>\n<p class=\"p1\">MicroStrategy\u2019s recent 13,390 BTC acquisition brought its total holdings to 568,840 BTC, worth around $59 billion, while MetaPlanet, the Japanese firm styled as a \u201cJapanese MicroStrategy,\u201d surpassed the 5,000 BTC mark on April 24.<\/p>\n<p class=\"p1\">Galaxy Digital, currently weighted at 15.3% within CRPT, is poised to transition its listing to the Nasdaq Global Select Market on May 16, a move expected to raise visibility and liquidity for the ETF.<\/p>\n<p class=\"p1\">Coinbase, comprising 15.7% of CRPT, posted $2.03 billion in Q1 2025 revenue, though earnings missed analyst expectations, underlining the ETF\u2019s exposure to operational volatility across its holdings.<\/p>\n<p class=\"p1\">Scaramucci framed CRPT as a \u201cgood surrogate\u201d for Bitcoin exposure, particularly for clients whose brokerage platforms still impose access barriers. While this workaround could become obsolete as compliance standards shift, current conditions maintain CRPT\u2019s relevance.<\/p>\n<p class=\"p1\">The fund\u2019s assets under management reached $89.5 million as of May 3, reflecting a 35% increase year-to-date.<\/p>\n<p class=\"p1\">However, its thin liquidity and equity-linked exposure pose dual risks: underperformance relative to Bitcoin and heightened sensitivity to company-specific events, such as regulatory action or earnings swings.<\/p>\n<h2>Bitcoin's evolving yet cyclical narrative<\/h2>\n<p class=\"p1\">The underlying thesis of CRPT ties into a broader narrative of Bitcoin\u2019s evolution from a speculative technology asset to a macroeconomic hedge. Scaramucci described Bitcoin\u2019s behavioral shift as one resembling gold, noting that during <a href=\"https:\/\/cryptoslate.com\/bitcoin-and-gold-draw-closer-as-correlation-with-dollar-and-equities-weakens\/\">decoupling episodes<\/a>, when Bitcoin rallied <a href=\"https:\/\/cryptoslate.com\/insights\/bitcoin-equities-oil-jump-as-trade-war-tariff-messaging-on-electronics-confuses-market\/\">independently<\/a> of equities, calls from major institutional players increased.<\/p>\n<p class=\"p1\">As wallet adoption grows, he posited, the asset\u2019s volatility should decline, stating,<\/p>\n<blockquote>\n<p class=\"p1\">\u201cImagine a world where there are a billion wallets, a billion holders. The volatility should dampen. That happened in Microsoft, that happened in things like Google over a 20-year period of time.&#8221;<\/p>\n<\/blockquote>\n<p class=\"p1\">The ETF\u2019s global allocation introduces another layer of strategy. While MetaPlanet operates out of Japan and Galaxy Digital is currently listed in Toronto, Galaxy's upcoming Nasdaq listing aligns with a broader trend of integrating Bitcoin-centric infrastructure firms into U.S. capital markets.<\/p>\n<p class=\"p1\">This dynamic plays into what Scaramucci described as a \u201cpicks and shovels\u201d investment thesis, where backing companies embedded in Bitcoin\u2019s operational framework provides indirect exposure to its upside.<\/p>\n<p class=\"p1\">For now, CRPT occupies a niche created by regulatory lag. Whether it maintains its appeal post-access liberalization will depend on whether investors see value in betting on the scaffolding around Bitcoin rather than the coin itself.<\/p>\n<p class=\"p1\">As Galaxy Digital prepares for its U.S. listing, MetaPlanet expands its Bitcoin treasury, and Strategy continues accumulating, CRPT\u2019s leveraged exposure to the Bitcoin economy continues to offer a concentrated alternative for those unable or unwilling to hold Bitcoin directly.<\/p>\n<p>Scaramucci ended the interview by citing Solana as his altcoin pick to perform well over the coming months. He also cited Polkadot and Avalanche as other top contenders.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s potential trajectory toward $1.1 million and a billion wallets formed a key narrative in Anthony Scaramucci\u2019s appearance on Bloomberg TV yesterday. In it, he framed Bitcoin not only as digital gold but also as a maturing asset class on the verge of widespread institutional integration, commenting, \u200a&#8221;Is Bitcoin an investment, or is it an [&hellip;]<\/p>\n","protected":false},"author":1264,"featured_media":479699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,78665,79849],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin&#039;s path to $1.1 million will see one billion active wallets according to Anthony Scaramucci<\/title>\n<meta name=\"description\" content=\"Scaramucci&#039;s billion-wallet vision for Bitcoin aligns with its shift from speculative asset to economic mainstay.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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