- According to Scaramucci, Bitcoin price might soon hit $170,000 and eventually skyrocket to $400,000.
- The exponential rise in Bitcoin ETFs indicates increased institutional adoption, which fuels demand and price growth.
Anthony Scaramucci, the founder and managing partner of SkyBridge Capital, expressed his deep confidence about the future of Bitcoin in a recent and perceptive interview with CNBC. This optimism is in reference to the April 2024 halving.
#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
Positive Outlook on the Future of Bitcoin
Scaramucci’s viewpoints provide insightful analysis of the cryptocurrency’s future direction based on his track record of accurate market predictions.
The crypto market cap has impressively reached $1.419 trillion as Bitcoin continues to create headlines, with its current price sitting around $70,209, marking a strong 4% increase over the last 24 hours and a 3.51% increase over the past week. Scaramucci’s upbeat outlook confirms that this rise is a sign of growing Bitcoin trust.
The substantial historical influence of Bitcoin’s halving events—times when the incentive for mining transactions is halved, hence lowering the quantity of new Bitcoins coming onto the market—was brought to light by Scaramucci.
Scaramucci believes that by the conclusion of the current cycle, Bitcoin might reach at least $170,000 based on previous trends that have followed these halvings. He state:
“Bitcoin is a cyclical product. typically, it moves 4x in 18 months after halving. But let’s be a bit conservative on the price, it’s still $170,000 for this cycle.”
His long-term goals are even more audacious: he wants to see each BTC reach a value of $400,000. At that point, the market capitalization of Bitcoin would be half that of gold, in line with what ETHNews previously disclosed.
Institutional Acceptance: Bitcoin ETFs’ Ascent
The rapid expansion of Bitcoin exchange-traded funds indicates Bitcoin’s expanding acceptability and price appreciation potential. Scaramucci notes that it took gold ETFs a full year to reach the milestone of over $10 billion in cumulative inflow for Bitcoin ETFs, which was accomplished in just three months.
Scaramucci also mentioned the intrinsic characteristics of Bitcoin as a reliable long-term store of value. In contrast to conventional currencies, Bitcoin has a limited supply (it is restricted to 21 million coins), which highlights its potential for scarcity and a significant value rise. Its adoption rate is also rising.
Scaramucci suggests that even though Bitcoin is known for its extreme volatility, seasoned investors may successfully navigate through short-term market changes by utilizing Bitcoin’s potential and maintaining a strategic long-term approach.