- Peter Schiff critiques Bitcoin’s stability during market unrest, noting a 4% drop while gold rose by 1.6%.
- Despite short-term risks, Scaramucci remains optimistic about Bitcoin’s long-term growth, especially with the forthcoming Halving event.
Anthony Scaramucci, founder of SkyBridge Capital, predicts that Bitcoin could eventually reach a value of $200,000. In a CNBC interview on “Squawk Box” with Andrew Ross, Scaramucci discussed the potential for Bitcoin’s growth and its current stage of adoption.
He mentioned that for Bitcoin to serve effectively as an inflation hedge or store of value, its user base would need to expand to 1 billion, a milestone he anticipates could be achieved by the end of 2026.
Scaramucci noted that until Bitcoin reaches this level of adoption, it will remain highly volatile, behaving like other risky assets. He stated, “Right now, it is going to be way more volatile than people like, and people look at it as a risk-on or risk-off trade until we get to that adoption curve.”
Despite recognizing the possibility of a 10 to 15% decrease in Bitcoin’s value in response to global unrest or economic uncertainties, Scaramucci remains positive about its long-term growth, particularly with the Halving, which could influence its price.
Read more: Bitcoin Volatility Intensifies: Traders Liquidate $115 Million with Price Drop Below $60k
Bitcoin Versus Gold in Market Turbulence
The conversation around Bitcoin’s stability during market turmoil was highlighted by Peter Schiff, a cryptocurrency critic and advocate for gold.
Schiff pointed out that after recent geopolitical events that disturbed the markets, Bitcoin’s value fell by 4% to $61,000, whereas gold appreciated by 1.6% to $2,416.
Schiff used these observations to question the stability and reliability of Bitcoin compared to traditional safe-haven assets like gold. His comments continue the debate on the effectiveness of cryptocurrencies as secure investment options during times of economic distress.
Related: Bitcoin’s Response to Geopolitical Tensions: Dips Below $60,000 After Israel’s Strike
Long-Term Outlook for Bitcoin
Scaramucci compares Bitcoin’s current market behavior to Amazon’s stock in its early days, which was marked by significant fluctuations. He believes that Bitcoin could potentially mirror the growth trajectory of Amazon, offering substantial returns to those who hold the asset for at least five years. This perspective suggests that despite short-term volatility, there may be long-term benefits to holding Bitcoin.
While views on Bitcoin’s role as a safe haven are mixed, Anthony Scaramucci provides a positive long-term forecast for its value, suggesting that a strategic approach to investment in Bitcoin could yield returns.
His insights underscore the importance of patience and a long-term investment perspective when considering the crypto market.
The current Bitcoin (BTC-USD) price is approximately 64,864.31 USD, having experienced a recent drop of 456.90 USD or -0.70%.
