Anthony Scaramucci, the founder and managing partner of SkyBridge Capital, is very optimistic about the future of Bitcoin, especially with the upcoming halving event anticipated in April 2024.
Scaramucci, a well-known figure in the cryptocurrency space, recently shared his views in an interview with CNBC. He highlighted the historical trends post-halving events, which reduce the influx of new Bitcoins into circulation, as a key factor for his positive outlook.
Scaramucci forecasts that the BTC price could hit $170,000 by the end of the current cycle, aligning with previous price surges following halvings. His long-term projection is even more ambitious – aiming for $400,000, representing half of the market capitalization of gold.
He mentioned, “Bitcoin tends to follow a cycle… usually, it increases by 4x within 18 months of the halving. Even if we are cautious about the price, it would still be around $170,000 for this cycle.”
Bitcoin Adoption On The Rise
Scaramucci sees the rapid rise of Bitcoin exchange-traded funds (ETFs) as a strong sign of increasing institutional adoption. He pointed out that Bitcoin ETFs attracted over $10 billion in total inflow within just three months, a milestone that took Gold ETFs a year to reach. This indicates a growing interest in the digital asset among major financial institutions, potentially driving up demand and prices.
Bitcoin: A Long-Term Store Of Value
He emphasized Bitcoin’s potential as a long-term store of value, surpassing its role as a mere hedge against inflation. With a capped supply of 21 million coins and increasing adoption, the leading cryptocurrency shows signs of scarcity and potential for significant value growth.
Scaramucci On Sam Bankman-Fried
The interview also discussed the recent legal proceedings involving Sam Bankman-Fried, the former CEO of the collapsed FTX exchange. Scaramucci, whose firm SkyBridge had previously acquired a 30% stake in FTX before its collapse, expressed mixed emotions.
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He recognized the impact of FTX’s bankruptcy while also showing understanding towards Bankman-Fried’s psychological state.
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