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

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

Scaramucci, a prominent figure in the crypto space, shared his views in a recent interview with CNBC. He cited historical trends following halving events, where the number of new Bitcoins in circulation decreases, as the reason for his bullish outlook.

Scaramucci predicts BTC price It is expected to reach at least $170,000 by the end of the current cycle, which is consistent with price spikes following past halvings. His long-term vision is even more ambitious, with a target of $400,000, a price equivalent to half of gold’s market capitalization.

He said:

“Bitcoin is a cyclical commodity, typically quadrupling within 18 months of a halving. But let’s be a little conservative about the price. It’s still at $170,000 for this cycle.”

Bitcoin adoption is on the rise

Scaramucci sees the rapid growth of Bitcoin exchange-traded funds (ETFs) as a strong indicator of increased institutional adoption. He highlighted the fact that Bitcoin ETFs have surpassed $10 billion in cumulative inflows in just three months, a feat that took gold ETFs a year to achieve. This suggests a growing demand for digital assets among large financial institutions, which could further accelerate demand and price growth.

Bitcoin: long-term store of value

He emphasizes Bitcoin’s potential as a long-term store of value, beyond its role as a simple hedge against inflation. This leading cryptocurrency has a limited supply, capped at his 21 million coins, which, combined with its increasing adoption, suggests scarcity and the potential for significant value growth. Masu.

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

Scaramucci talks about Sam Bankman Freed

The interview also touched on the recent sentencing of former CEO Sam Bankman Freed. FTX exchange collapsed. Scaramucci, who acquired a 30% stake in SkyBridge from FTX before it went bankrupt, expressed mixed feelings.

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

Featured images from Pexels, charts from TradingView

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