During a recent interview with CNBC, Anthony Scaramucci, the founder and managing partner of Skybridge, shared his prediction for Bitcoin’s price in the upcoming cycle. He believes that the cryptocurrency will reach a new all-time high of $170,000. This comes as the next Bitcoin halving is less than two weeks away, with experts offering a more conservative price prediction of $100,000 after the event.
Scaramucci, who has become a prominent figure in the crypto community, pointed to historic trends around Bitcoin halvings. In the past, the cryptocurrency has ended its bullish cycle with an all-time high. Just a few weeks ago, Bitcoin reached $75,000, setting a new record. Crypto experts have varying predictions for its price, ranging from $100,000 to $250,000 by the end of the year.
Scaramucci explained that Bitcoin is a cyclical product and typically experiences a 4x increase within 18 months of a halving. However, he wants to be slightly conservative with his prediction and expects the price to reach $170,000 in this cycle.
At the time of writing, Bitcoin is trading at $71,887, following a 4% surge in the last 24 hours. This has led to a nearly 5% increase in weekly gains, bringing it closer to $72,000 and its previous all-time high.
Scaramucci attributes Bitcoin’s recent performance to institutional adoption, particularly the launch of Bitcoin spot ETFs. These ETFs have attracted over $10 billion in inflows, which has significantly boosted the cryptocurrency. Scaramucci noted that it took nearly 10 years for gold to achieve the same level of investment.
Looking ahead, Scaramucci predicts that Bitcoin will eventually reach $400,000, which would make its market cap half that of gold. He believes that Bitcoin’s superior technology, limited supply, and its use as a payment method and hedge against inflation will help it surpass gold in market cap.
Scaramucci highlights Bitcoin’s potential to evolve beyond being just a hedge against inflation and become a long-term store of value. He believes that Bitcoin’s finite supply of 21 million coins and its increasing adoption suggest scarcity and the potential for significant price appreciation.
While acknowledging Bitcoin’s volatility, Scaramucci remains confident that experienced investors with a long-term strategy can navigate short-term market fluctuations. He sees Bitcoin’s long-term trajectory as an attractive opportunity for investors seeking sustained growth and value appreciation.
Scaramucci also mentioned the collapse of FTX, in which Skybridge held a 30% stake. While acknowledging the negative impact on investors and customers, he expressed sympathy for the former CEO, Sam Bankman-Fried.
Earlier this year, Scaramucci had suggested that the Qatar sovereign wealth fund was investing in Bitcoin, but these claims have not been verified.
In conclusion, Scaramucci’s interview highlights his optimistic outlook for Bitcoin’s price, expecting it to reach $170,000 in the current cycle and eventually reach $400,000 in the long term. He emphasizes Bitcoin’s potential as a store of value and attributes its recent performance to institutional adoption and the launch of Bitcoin spot ETFs. Despite acknowledging its volatility, Scaramucci believes that Bitcoin presents a compelling opportunity for investors seeking sustained growth and value appreciation.