Anthony Scaramucci, founder of Skybridge Capital, has made a bold prediction for Bitcoin’s price target in the current cycle, forecasting a staggering $170,000. In an appearance on CNBC’s Closing Bell, Scaramucci emphasized the potential for significant growth in the cryptocurrency market, driven by increasing mainstream and institutional adoption.
As a vocal advocate for Bitcoin, Scaramucci highlighted the impact of SEC-approved Bitcoin spot ETFs in attracting billions in new investments. He compared the rapid inflows of over $10 billion in Bitcoin ETFs in the first quarter to the early adoption of gold ETFs, signaling a shift towards digital assets.
Scaramucci also discussed the upcoming Bitcoin halving event, which is expected to reduce daily supply and potentially lead to a supply squeeze. He believes that the market has not fully priced in the halving, suggesting a potential surge in prices as a result.
Despite Bitcoin’s volatility, Scaramucci emphasized its role as an inflation hedge over a 4-year investment horizon, drawing parallels to gold. He sees the potential for Bitcoin’s market cap to reach 50% of gold’s valuation, highlighting its digital gold narrative.
Skybridge Capital has been at the forefront of institutional interest in Bitcoin, with Scaramucci leading efforts to offer Bitcoin exposure in retirement plans. Despite initial skepticism, Scaramucci remains optimistic about Bitcoin’s long-term prospects, citing generational wealth transfers and demographic trends as key drivers of growth.
In addition to his bullish outlook on Bitcoin, Scaramucci also addressed the recent FTX collapse, regulatory challenges, and his confidence in the future maturation of the Bitcoin industry. With his expertise and insights, Scaramucci continues to shape the narrative around Bitcoin’s potential as a digital store of value.
