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 as the next Bitcoin halving is less than two weeks away, with crypto experts offering a conservative price 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, the cryptocurrency reached $75,000, setting a new record. Crypto experts have been offering differing predictions for the end of the year, ranging from $100,000 to $250,000.
Scaramucci emphasized the cyclical nature of Bitcoin, stating that it typically moves four times within 18 months of the halving. He believes that a conservative estimate for the price in this cycle is still $170,000. Currently, BTC is trading at $71,887 after a 4% surge in the last 24 hours. It has seen weekly gains of 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. He noted that these ETFs have attracted over $10 billion in inflows, a significant milestone. He compared this to gold, which took nearly 10 years to achieve the same level of investment.
Looking ahead, Scaramucci expects Bitcoin to reach $400,000 in the long term, which would make its market cap half that of gold. He believes that Bitcoin’s superior technology, limited supply, and potential as a means of payment and hedge against inflation will propel it to surpass gold in market cap.
Scaramucci also highlighted Bitcoin’s potential to evolve beyond a hedge against inflation and become a long-term store of value. He pointed to its finite supply of 21 million coins and increasing adoption as factors that 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 market fluctuations. He sees Bitcoin’s long-term trajectory as an attractive opportunity for investors seeking sustained growth and value appreciation.
In addition to discussing Bitcoin, Scaramucci mentioned the FTX collapse, in which his company held a 30% stake. He expressed sympathy for the former CEO and acknowledged the harm caused to investors and customers.
Scaramucci had previously suggested that the Qatar sovereign wealth fund was investing in Bitcoin, but these claims have not been substantiated.