In a tweet that is circulating widely, SkyBridge Capital founder Anthony Scaramucci laid out why he believes Bitcoin does not just compete with gold, but outclasses it.

“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,” Scaramucci wrote.

Goldman Sachs and Morgan Stanley Validate the Bitcoin Thesis

Scaramucci pointed to Morgan Stanley entering the Bitcoin market and Goldman Sachs filing for a Bitcoin ETF as evidence the thesis is playing out in real time in the product lineups of the two most powerful investment banks in the world.

These are firms that move slowly, carefully, and only when the institutional case is bulletproof. When they show up, the conversation changes.

Scaramucci says Bitcoin is now part of “the model portfolio for individuals and institutions worldwide.” A year ago that sentence would have raised eyebrows. Today it is just a description of what is happening.

Why $1 Million Bitcoin Produces a $21 Trillion Market Cap

There will only ever be 21 million Bitcoin. If each coin reaches $1 million, the total market cap hits $21 trillion – still below the estimated value of all gold ever mined, but in Scaramucci’s words, “faster to move and easier to store.”

Scaramucci pointed his followers to Niall Ferguson’s The Ascent of Money.

Ferguson’s book’s central argument is that money has never derived its value from the material it is made of. It derives value from trust – collective belief in a system. The Renaissance was funded by Italian bankers who invented credit. The French Revolution was triggered by a stock market bubble. Finance, Ferguson argues, is the backbone of every major event in human history.

Scaramucci’s point is that Bitcoin has spent 16 years building exactly what Ferguson describes – a trust system – and it did so without a central authority or a government guarantee.

“Every characteristic that has defined money throughout human history – Bitcoin checks every single box,” Scaramucci wrote. “That’s why I’m bullish.”

Scaramucci Has 70% of His Wealth in Bitcoin

Scaramucci is not a neutral observer here. SkyBridge Capital has previously set a $1 million Bitcoin target by 2032, tied to the 2028 halving cycle. He has disclosed that 70% of his personal wealth sits in Bitcoin and has been actively buying during the current drawdown.

Not everyone buys the argument. Economist Tony Annett has pushed back directly, arguing Bitcoin still fails the three classical tests for money – medium of exchange, unit of account, and reliable store of value.

But the combination of a serious monetary theory argument, two Wall Street giants moving into the space simultaneously, and a fixed supply of 21 million coins is exactly the kind of setup Scaramucci has been building his thesis around for years.

When will the price catch up – that’s something only the markets and time can answer.

source: https://www.tradingview.com/news/coinpedia:1d1de2e28094b:0-what-is-anthony-scaramucci-s-reasoning-behind-bold-1m-bitcoin-prediction/