Act like you’re dead, Scaramucci says.

• Anthony Scaramucci said Bitcoin investors should not sell amid high volatility.
• He said customers are disappointed by the large price fluctuations of cryptocurrencies.
• He told the Bitcoin Investor’s Day Conference that his advice to clients is to “act like you’re dead.”

According to Anthony Scaramucci, the best thing Bitcoin investors can do is do nothing.

The founder of SkyBridge Capital said during a panel discussion with Anthony Pompliano on Friday at the Bitcoin Investor’s Day Conference that his company’s clients are generally “satisfied” with their Bitcoin allocations, but that their assets are “We’re not that satisfied,” he said, given the large price fluctuations.

“They don’t like increased volatility,” Scaramucci told attendees. “The hardest thing for anyone in this room to do is do nothing.”

Scaramucci, who spent 30 years on Wall Street and briefly served as White House communications director under President Donald Trump, said Bitcoin’s market capitalization will ultimately fall to gold (the World Gold Council pegs it at about $12). He added that there is a possibility that it could come close to that of All that has been mined so far adds up to $1 trillion.

“The people who died at Charles Schwab did much better than the people who lived,” he said. “So, think Bitcoin is dead and don’t sell your Bitcoin. Don’t do anything with your Bitcoin. Hopefully we teach our clients to listen to this mantra. You can continue to do so.”

The world’s largest cryptocurrency has been inundated with demand since January, when the Securities and Exchange Commission approved 11 spot Bitcoin ETF products, including those from major asset managers such as BlackRock and Fidelity.

Bitcoin has gained about 44% since the beginning of the year and was hovering around $63,750 on Friday.

While institutional demand increases, the market is also bracing for a halving event expected to occur in April. Industry experts say such an event could create a supply shock that could ultimately push Bitcoin’s price higher.

ARK Invest CEO Cathie Wood said at a conference on Friday that Bitcoin could add millions more to the firm’s current target price of $1.5 million by 2030. He suggested that Bitcoin could rise to $3.8 million considering the latest developments. Ark was one of 11 companies approved by the SEC as an ETF.