U.Today - Top market personality Anthony Scaramucci has shared insights into the growing optimism surrounding Bitcoin (BTC) in recent times. to the X platform, Scaramucci names five distinct factors behind this rally, calling them "catalysts" for the steep projection for the coin from analysts.
Five catalysts
According to the billionaire investor, the optimism driving Bitcoin is based on the prospects of the spot Exchange Traded Fund (ETF) products. The likes of BlackRock (NYSE:BLK) are currently queuing up to list the first Bitcoin which, at the time of writing, is under by the United States Securities and Exchange Commission (SEC).Other top investment management firms are also on track to get this approval in the coming weeks and months. This product has been tagged as the gateway for institutional investors to make their way into crypto and has the potential to drive prices higher.
Besides this, Scaramucci highlighted the forthcoming halving event as a potential trigger for BTC's price to chart a new growth course. Overall, halving will help reduce the rewards paid out to miners and, by default, deflate the supply over time. This in turn will place upward pressure on the price of the asset.
The easing of monetary policies by the United States Federal Reserve and other central banks is also a major trigger, in Scaramucci's opinion. Besides this, the growing craving to invest in a hard asset and the inclusion of Bitcoin in model portfolios have all combined to make Bitcoin attractive to investors across the board.