Two crucial factors could tip the scales heavily in favor of bitcoin.

Anthony Scaramucci, of Skybridge Capital, said on a CNBC interview that the long-term fundamentals of bitcoin remained robust, more so due to recent developments on the institutional side. “Everybody is a long-term investor until they have short term losses,” he observed.

Two factors could affect institutional activity in bitcoin and trigger a demand shock for the crypto. (CNBC)

Fidelity and 401k

“Fidelity is allowing for their 401k products to offer bitcoin,” Scaramucci stated as the first reason. He was referring to financial services company Fidelity Investments move to allow companies to offer employees the option to invest up to 20% of their retirement and savings plan in bitcoin.

BlackRock

Scaramucci also appreciated BlackRock’s twin moves to tie up with Coinbase and offer a private bitcoin trust.

“Blackrock said in addition to teaming up with Coinbase on their Aladdin risk management program… that they’re going to offer a private trust that will give their clients an opportunity to invest directly in bitcoin.”

These factors could generate bullish momentum for bitcoin.

Bitcoin – $300K?

“In the next six years, if we are right, if bitcoin goes to $300,000 a coin, it will not matter whether you bought it at $20,000 or $60,000,” said Scaramucci. “It’s really not going to matter.”

Scaramucci observed that the crypto bear market had squeezed most of the leveraged positions out of the system, laying the base for a strong recovery.

“It is a reminder to investors not to pull out, fight their own fear, stay patient and stay long-term.”

Related Story: Scaramucci’s Skybridge Mulls $250M Fund Based On The Algorand Blockchain