Scaramucci: Spot ETFs Will Help Wall Street’s Salesforce Drive Billions of Dollars into Bitcoin

If there’s one thing people underestimate about the Bitcoin spot ETF approval, it’s the reality of the Wall Street marketing engine.

At least that was the lesson capital allocator Anthony Scaramucci learned during a recent visit to cryptocurrency industry podcast “The Scoop.”

In the interview, Scaramucci spoke at length about how Bitcoin ETFs are poised to reshape the investment landscape. Notably, the founder of SkyBridge Capital declared that “federally approved” ETFs would unleash a tsunami of sales force, sending billions of dollars into cryptocurrencies.

Scaramucci, a Wall Street veteran, emphasized the strategic shift, saying, “There is an unspoken reality on Wall Street: Products are sold, not bought.”

According to his vision, traditional ETF sellers will become Bitcoin evangelists, promoting the cryptocurrency to a much wider audience.

He painted a vivid picture of a sales pitch, imagining people typically serving coffee and donuts during ETF presentations, currently advocating for Bitcoin ETFs. They will tell you to “invest 1% in Bitcoin,” armed with the narrative that Bitcoin is the best-performing asset of the past decade.

“Bitcoin’s target audience in ETFs is tens of thousands,” Scaramucci argued. By allowing investments from $500 to “unlimited amounts,” the ETF will attract a diverse cross-section of people seeking advice from traditional brokers, including those using platforms such as E-Trade and Fidelity.

Scaramucci argued that cash ETF approval has not been fully priced in, highlighting the underestimated power of the Wall Street marketing machine. He also emphasized that while retail investors may already be dabbling in Bitcoin privately, a monumental change will come when there is a money manager in charge of managing it. Billions of people strategically allocate 1% of their portfolio to Bitcoin.

Crunching the numbers, Scaramucci cited the potential participation of giants like Fidelity and BlackRock, suggesting that just a 1% allocation from these two giants could bring more than $110 billion into Bitcoin.

There are currently 13 Bitcoin spot ETFs vying for approval, and industry analysts predict a 90% chance of an ETF being launched by January 2024.