In a recent interview with CNBC, Anthony Scaramucci, the founder and managing partner of Skybridge, shared his prediction for Bitcoin in the upcoming cycle. He anticipates that the cryptocurrency will reach a new all-time high of $170,000. This comes ahead of the next Bitcoin halving, which is less than two weeks away. Crypto experts have offered a more conservative prediction of $100,000 after the event.
Scaramucci, who has become a prominent figure in the cryptocurrency community, pointed to historic trends around the Bitcoin halving. In previous halvings, Bitcoin has ended its bullish cycle with an all-time high. Just a few weeks ago, Bitcoin reached $75,000, setting a new all-time high. Crypto experts have differing predictions for the end-of-year price, ranging from $100,000 to $250,000.
Scaramucci stated that Bitcoin is a cyclical product and typically moves 4x within 18 months of the halving. He believes that the price will reach $170,000 in this cycle, although he is being conservative with this estimate. Currently, Bitcoin is trading at $71,887 after a 4% surge in the last 24 hours. It has extended its weekly gains by nearly 5% as it approaches $72,000 and its all-time high.
Scaramucci attributes the recent performance of Bitcoin to institutional adoption, particularly the launch of Bitcoin spot ETFs. These ETFs have attracted over $10 billion in inflows, providing a significant boost. Scaramucci notes that it took nearly 10 years for gold to achieve the same level of investment.
In the long term, Scaramucci expects Bitcoin to reach $400,000, which would make its market cap half that of gold. He believes that Bitcoin’s superior technology, supply cap, and application as a means of payment and hedge against inflation will eventually lead to it surpassing gold in market cap.
Scaramucci highlights Bitcoin’s potential to evolve beyond a hedge against inflation and become a long-term store of value. He points to Bitcoin’s finite supply of 21 million coins and its increasing adoption as factors that suggest scarcity and the potential for significant price appreciation.
While Scaramucci acknowledges Bitcoin’s volatility, he remains confident that experienced investors with a long-term strategy can weather short-term market fluctuations. He sees Bitcoin’s long-term trajectory as a compelling opportunity for investors seeking sustained growth and value appreciation.
Earlier this year, Scaramucci had suggested that the Qatar sovereign wealth fund was investing in Bitcoin, but these claims remain unsubstantiated. He also mentioned the FTX collapse, in which Skybridge held a 30% stake. While acknowledging the harm caused to investors and customers, Scaramucci expressed sympathy for former CEO Sam Bankman-Fried.
In conclusion, Anthony Scaramucci predicts that Bitcoin will reach a new all-time high of $170,000 in the upcoming cycle. He believes that institutional adoption, Bitcoin spot ETFs, and its superior technology will drive its long-term growth. Despite acknowledging its volatility, Scaramucci sees Bitcoin as a compelling investment opportunity for those seeking sustained growth and value appreciation.