BTC<\/a>) has more upside potential from current levels driven by solid demand and dwindling supply.<\/p>\nIn a new CNBC interview, the hedge fund veteran says that the approval of the Bitcoin spot market exchange-traded funds (ETFs) cleared regulatory hurdles for BTC and allowed fresh pools of capital to be allocated to the crypto king.<\/p>\n
Scaramucci also says he sees the leading crypto soaring to higher prices as Wall Street gobbles up thousands of BTC per day at a time when Bitcoin is almost ready to cut the issuance of new supply in half via the halving.<\/p>\n
\u201cWhen Wall Street gets a product like this, it\u2019s like a selling machine and it\u2019s generating lots of demand for the product. And I think we\u2019re surprised that there\u2019s over $10 billion in the first quarter of new flows for something like Bitcoin\u2026 It took a year for GLD, the gold ETF, to get to $10 billion. This did it in 25% of the time.<\/em><\/p>\nAnd not to bore everybody, but Bitcoin \u2013 the network \u2013 spits out 900 coins a day. That\u2019s going to get cut in half probably April 20th or so, and so you\u2019re going down to 450 coins. You probably have 2,000 to 3,000 coins of base demand at a time when supply is going to get cut.<\/em><\/p>\nThey said earlier that the ETF is priced in. They are now saying the halving is priced in. I don\u2019t believe that either. I think Bitcoin has a lot more to go here.\u201d<\/em><\/p>\nAt time of writing, Bitcoin is trading for $69,320, up nearly 2% in the past day.<\/p>\n