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

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.

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