SkyBridge Capital founder Anthony Scaramucci has publicly predicted that Bitcoin's price could reach $1 million, grounding his forecast in monetary theory and supply-demand dynamics.
Bitcoin meets all monetary criteria
Scaramucci draws on historian Niall Ferguson's 'The Ascent of Money', noting that money has historically relied on scarcity, portability, durability, divisibility, and general acceptance. He argues Bitcoin checks every box, much like gold or fiat currency. He points out that a dollar bill is made of linen and cotton but gains trust through social confidence; over 16 years, Bitcoin has built its own decentralized trust system with no central authority and no single point of failure, immune to government or private intervention.
'A dollar bill is made of linen and cotton. But we accept it because we trust it. Over 16 years Bitcoin has built its own trust system — decentralized, no central authority, no single point of failure. And now Morgan Stanley is in. Goldman filed a Bitcoin ETF this morning.' — Anthony Scaramucci
Demand growth and supply cap drive the $1M thesis
Scaramucci's projection is rooted in math: with a maximum supply of 21 million coins, a $1 million price would give Bitcoin a $21 trillion market cap, still below gold's global valuation. The fixed supply, combined with rising retail and institutional demand, creates upward price pressure over time.
Institutional activity is a key catalyst: Morgan Stanley now has Bitcoin exposure, and Goldman Sachs has filed a spot Bitcoin ETF application. Scaramucci views these as signals of a major shift in Wall Street's stance, with Bitcoin entering mainstream asset allocation for both individual and institutional portfolios.
SkyBridge Capital, founded by Scaramucci in 2005, focuses on alternative assets including hedge funds, private equity, and digital assets. Scaramucci, a former White House Communications Director, has become a vocal advocate for institutional crypto adoption. He states: 'Every characteristic that has defined money throughout human history, Bitcoin checks every single box. That’s why I’m bullish.'