Bitcoin's Delayed Rally: Scaramucci Blames Spot ETF Approval

Anthony Scaramucci, founder of SkyBridge Capital, has attributed Bitcoin's delayed rally to the sluggish approval of a spot Bitcoin exchange-traded fund (ETF). In an interview on CNBC's Squawk Box on Feb. 10, Scaramucci stated that Bitcoin's current price near $97,000 reflects where it should have been two years ago, had the ETF been approved earlier.

Scaramucci argued that the delay in approving the spot Bitcoin ETF caused significant price damage, as Bitcoin remained stagnant for a prolonged period in 2022 and 2023. He noted that Bitcoin did not break past $60,000 again until March 2024, following the eventual approval of spot ETFs in January.

Scaramucci pointed to rising institutional adoption and nation-level interest as key drivers for Bitcoin's future trajectory. He mentioned that university endowments, such as Emory University and the University of Austin, have begun exploring Bitcoin investments. Additionally, he suggested that a US strategic Bitcoin reserve was plausible, as the country already holds nearly 30 different assets in its strategic reserve.

Scaramucci believes that the regulatory environment for Bitcoin has improved under the current Donald Trump administration, describing it as "propitious, decent, middle-of-the-road regulation." He suggested that more policy stability and industry engagement could help Bitcoin maintain its current momentum.

Bitcoin's price fluctuations have remained a focal point for investors, with the digital asset dipping below $100,000 after a prolonged climb. As of press time, BTC was trading at $97,492, up 1.34% over the past 24 hours. Market analysts continue to debate whether the flagship crypto can sustain its upward trajectory, especially with upcoming US economic data potentially influencing risk sentiment.