On day 2 of the Bitcoin 2024 conference in Nashville Tenessee, Anthony Scaramucci shared his belief that Bitcoin will overtake the total market capitalization of gold.
The SkyBridge Capital founder explained that Bitcoin (BTC) should not trade to a market cap similar to chipmaking giant Nvidia or Apple because Bitcoin is "an asset class" and not a company.
"It's got to trade to the market capitalization of gold. And I would argue that it's better than gold. So it'll probably trade to market capitalization above gold."
According to Scaramucci, the current market capitalization of gold rests between $15 trillion-$16 trillion, a number that Bitcoin should be able to overtake in roughly a decade. A similar prediction was forecasted by Anthony Pompliano in 2020, who likewise claimed Bitcoin would flip gold in less than a decade.
Pension funds turn to Bitcoin
During the panel, Scaramucci also pointed to the growing adoption of Bitcoin as an asset in state and municipal pension funds like Wisconsin's state pension fund and Jersey City's municipal pension fund.
Related:New Jersey mayor plans to invest in Bitcoin ETFs for city’s pension fund.
In a May 2024 filing, the State of Wisconsin Investment Board revealed that it held 2.4 million shares of BlackRock's iShares Bitcoin Trust (IBIT), valued at $100 million at the time, and roughly 1 million shares of Grayscale's Bitcoin Trust (GBTC), valued at approximately $64 million at the time, for a total investment of $164 million.
Additionally, Japan’s Government Pension Investment Fund, the largest pension fund in the world, announced it was exploring adding Bitcoin to its portfolio in March 2024. At the time of the announcement, spokespeople for the fund cited “Major changes in the economy and society and rapid technological progress” as the main drivers behind the potential diversification into Bitcoin.
Companies are doing it too
Corporations are also turning to Bitcoin to protect their treasury holdings from monetary debasement and runaway inflation.
In June 2024, DeFi Technologies joined a growing list of companies adopting a Bitcoin treasury strategy. The firm announced it purchased 110 Bitcoin in accordance with its fixed-supply treasury plan, causing a surge in the price of its stock following the announcement.
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