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Anthony Scaramucci, founder and CEO of SkyBridge Capital, said Thursday that the U.S. Securities and Exchange Commission’s approval of the first spot bitcoin exchange traded funds should be viewed as a watershed moment for bitcoin.

Speaking to CNBC’s Arjun Kharpal in the Swiss ski town of St. Moritz, Scaramucci said his New York-based hedge fund unexpectedly enjoyed its best year on record in 2023, after “incrementally buying” bitcoin, etherum and solana.

The former White House communications director said bumper returns last year followed what had been a “very brutal” 2022.

“I mean, listen, 2022 was the worst year for us, 2023 happened to be the best year for us. So, it’s been the best and worst of times, but I think this is a really big breakthrough for bitcoin as a digital asset,” Scaramucci said.

His comments come shortly after the SEC approved rule changes to allow the creation of bitcoin exchange-traded funds in the U.S.

The long-awaited decision, which will give regular investors access to the controversial and volatile cryptocurrency, is seen by advocates as a landmark event in the adoption of cryptocurrency by mainstream finance.

Bitcoin predicted to hit fresh all-time high

“I think it is a much broader story for digital property in general, and I think bitcoin will probably see its all-time high before the end of the year and will likely go through its all-time high by this time next year,” Scaramucci said.

The previous all-time high of bitcoin was logged at just under $69,000 in November 2021.

The bitcoin price collapsed in 2022, as projects failed, bankruptcies flooded the industry and major players such as the crypto exchange and FTX faced criminal probes in the U.S.

Bitcoin then rose by more than 150% in 2023, with much of that increase owed to excitement around the ETF.

“The SEC is obviously not endorsing bitcoin but in a weird way they are endorsing bitcoin because they’ve now allowed it from a regulatory point of view to be offered to retail investors with a prospectus,” Scaramucci said.

“And so, this wrapper if you will, will allow people to put it in their brokerage accounts. That is incredibly meaningful.”

Asked whether he would be a buyer of the ETF, Scaramucci replied, “I will be, yes. I’ll be a ceremonial buyer.”

— CNBC’s Jesse Pound & Arjun Kharpal contributed to this report.

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