Recently, Anthony Scaramucci, head of SkyBridge Capital and former White House Communications Director, gave an interview to CNBC in which he talked about his positive view on Bitcoin. He said the cryptocurrency could reach at least $170,000 in the 18 months following its halving cycle.
Scaramucci feels hopeful because BTC exchange-traded funds (ETFs) have grown quickly. In just three months, they have received over $10 billion in new funds. This accomplishment comes far faster than it took for Gold ETFs to reach a similar point.
Scaramuccia’s Bitcoin Forecast: Highlighting the Depreciation of the US Dollar
Scaramucci discussed how the US dollar’s value has decreased and said that Bitcoin has grown by over 800% since January 2020, even though it has been very volatile. He stressed that people who have held onto the coin for a long time have made a lot of funds despite the problems.
Scaramucci compared Bitcoin to gold and said that Bitcoin could become worth half as much as gold, meaning that the price goal for this cycle would be $170,000. He saw Bitcoin as a long-term asset instead of a short-term inflation hedge.
“Bitcoin will go around and around. It pulls and drags. It usually moves four times in the 18 months after being cut in half. “But let’s be a little more realistic about the price; it’s still $170,000 for this cycle,” Scaramucci said.
Scaramucci also discussed the recent sentencing of Sam Bankman-Fried, the founder of FTX. In September 2022, Bankman-Fried’s venture capital unit bought a 30% share in SkyBridge before FTX went bankrupt in November.
Concerning Bankman-Fried’s predicament, Scaramucci called him a “damaged guy” and thought that the 25-year sentence he received was too light. He did, however, say that Bankman-Fried’s actions had hurt his business and image, which showed how important it is for people to be held responsible in these situations.
“While he hurt my business and reputation and lied to a lot of people when you look at him clinically, he looks like a very damaged guy. Also, people will get their funds back, but it has been dollarized. Bitcoin’s value has increased a lot since then, so people are also upset about it,” remarked Scaramucci.
Scaramucci’s positive view of Bitcoin shows he has more faith in the cryptocurrency market. Significant financiers and well-known people support its long-term potential, even though the volatile market and regulators aren’t sure what to do. As Bitcoin fans eagerly await its next move, all eyes are still on whether it will reach Scaramucci’s high price prediction in the coming months.
