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.
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.
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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