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Bitcoin

Hold On Tight! Skybridge Chief Sees Bitcoin Skyrocketing To $170,000 In 18 Months

Christian Encila
by Christian Encila
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Anthony Scaramucci, founder and managing partner of SkyBridge Capital, has expressed strong optimism about Bitcoin’s future, particularly in the wake of the upcoming halving event expected in April 2024.

Scaramucci, a prominent figure in the cryptocurrency space, shared his views in a recent interview with CNBC. He pointed to historical trends following halving events, which reduce the number of new Bitcoins entering circulation, as a reason for his bullish outlook.

Related Reading: Red Flag For eToro? Philippines Investigates Possible Securities Violation

Scaramucci predicts BTC price to reach at least $170,000 by the end of the current cycle, which aligns with past price surges after halvings. His long-term vision is even more ambitious, with a target of $400,000 – a price point that would represent half the market capitalization of gold.

He said:

“Bitcoin is a cyclical product… typically, it moves 4x within 18 months of the halving. But let’s be a bit conservative on the price, it’s still $170,000 for this cycle.”

Bitcoin Adoption On The Rise

Scaramucci sees the rapid growth of Bitcoin exchange-traded funds (ETFs) as a strong indicator of increasing institutional adoption. He highlights the fact that Bitcoin ETFs surpassed $10 billion in cumulative inflow within just three months, a feat that took Gold ETFs a year to achieve. This suggests a growing appetite for the digital asset among major financial institutions, which could further fuel demand and price appreciation.

#Bitcoin is up over 140% over the last year, hitting all-time highs last month fueled by demand from spot ETFs. @Scaramucci discusses why he thinks Bitcoin is back: pic.twitter.com/HJxQEy6XY0

— CNBC’s Closing Bell (@CNBCClosingBell) April 5, 2024

Bitcoin: A Long-Term Store Of Value

He emphasizes Bitcoin’s potential as a long-term store of value, surpassing its role as a simple hedge against inflation. The leading cryptocurrency’s finite supply – capped at 21 million coins – combined with its growing adoption, suggests scarcity and potential for significant value growth.

He acknowledges that its volatility is a significant factor to consider, yet he maintains a firm belief that seasoned investors, with a strategic long-term outlook, can successfully navigate through short-term market fluctuations. He perceives Bitcoin’s enduring trajectory as a promising opportunity for investors to capitalize on, leveraging its potential for sustained growth and value appreciation over time.

BTCUSD trading at $69,372 on the weekly chart: TradingView.com

Scaramucci On Sam Bankman-Fried

The interview also touched upon the recent sentencing of Sam Bankman-Fried, former CEO of the collapsed FTX exchange. Scaramucci, whose company SkyBridge received a 30% stake acquisition from FTX prior to its bankruptcy, expressed mixed emotions.

Related Reading: Forget Wall Street, Uniswap Is The New Trading King With $2 Trillion Crown

He acknowledged the damage caused by FTX’s collapse but also expressed empathy for Bankman-Fried’s mental state.

Featured image from Pexels, chart from TradingView

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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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