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Former White House Communications Director Anthony Scaramucci has been hitting on the importance of the cryptocurrency sector in the 2024 presidential election in recent weeks.
The SkyBridge Capital founder is writing a book on Bitcoin (CRYPTO: BTC) that will provide a look at why the asset class is important for the future.
What Happened: Scaramucci began investing in Bitcoin via SkyBridge Capital in October 2020 and has been a bull on the leading cryptocurrency for many years.
Earlier this week, the investor shared that he is writing a new book on Bitcoin.
"I'm writing a book with Michael Saylor," Scaramucci said.
MicroStrategy Inc (NASDAQ:MSTR) founder and executive chairman Michael Saylor is listed as the author of the foreword of the new book "The Little Book of Bitcoin: What You Need to Know that Wall Street Has Already Figured Out." MicroStrategy is among the largest holders of Bitcoin worldwide.
Scaramucci said the book is part of the little book of investing series of books and will serve as a "short primer on Bitcoin."
Age is expected to be a topic in the book with Scaramucci saying that him and Saylor are the last part of the Baby Boomers and they became part of this "young person's asset class." The book will look at how they began investing in Bitcoin.
Scaramucci called the book and storyline a "rite of passage."
"This is where the future is."
Scaramucci said with Bitcoin there will be a future world with permissionless transactions and lower costs for financial transactions.
"Let's just get it regulated fairly."
The book is available for pre-order on Amazon and has a listed release date of Dec. 5.
"Scaramucci delivers a comprehensive guide to understand disruption in the financial industry as a result of emergence and increasing prominence of digital asset technology," the book description reads.
The book will cover Bitcoin as digital gold, hashes, blockchains, other cryptocurrencies, and mining among the topics. The new book is aimed at appealing to everyone from hedge fund managers to new retail investors.
Why It's Important: Scaramucci has a price target of $170,000 on Bitcoin and said that recent price action in the cryptocurrency is "just a cycle."
The SkyBridge Capital founder has appeared on several Benzinga shows in recent months where he has covered a range of topics, including Bitcoin.
On Benzinga's "PreMarketPrep" in May, Scaramucci predicted Bitcoin could hit $150,000. The investor said he was more bullish on Bitcoin at $60,000 than he was when the cryptocurrency traded at $30,000 last year after the approval of Bitcoin ETFs.
"You only have 4.8% of the globe in Bitcoin," Scaramucci said. "That's akin to Web 1 in 1999, and I would just tell you to look at the Web 1 volatility of stocks like Amazon, eBay, etcetera back in 1999."
Click here to watch Scaramucci’s full interview on Pre-Market Prep.
Scaramucci also appeared on Benzinga's "The Raz Report" in October where he highlighted the future of Bitcoin ETFs and compared the pending approval to a gold ETF leading to soaring interest and a rising price of gold.
The investor suggested that financial institutions getting more involved in Bitcoin through the ETFs could lead to a similar trend.
At that time, Scaramucci had a price target of $150,000 to $250,000 for Bitcoin.
Watch the full episode of Anthony Scaramucci on "The Raz Report" here.
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