Skybridge’s Anthony Scaramucci predicts Bitcoin price at $170,000.
Anthony Scaramucci, founder of major investment firm Skybridge Capital, appeared on CNBC’s Closing Bell and predicted a Bitcoin price target for the current cycle of $170,000.
NEW: Skybridge’s Anthony Scaramucci speaks. #Bitcoin The halving is not yet reflected in prices.
It predicts “$170000 during this cycle.” 🚀 pic.twitter.com/0uE4EAmwgS
— Bitcoin Magazine (@BitcoinMagazine) April 8, 2024
Scaramucci has been an active supporter of Bitcoin, with Skybridge investing heavily in Bitcoin. He cited increasing mainstream and institutional adoption as a key driver of Bitcoin’s growth.
The prominent financier and former White House communications director emphasized that an SEC-approved Bitcoin spot ETF could have a significant impact in attracting billions of dollars in new investments this year. He compared Bitcoin ETF inflows of over $10 billion in the first quarter to the slow adoption of early gold ETFs.
Scaramucci also discussed the Bitcoin halving event, which will reduce the daily supply and potentially have a major impact on the price. He believes the market has not priced in the halving and predicted a supply shortage.
Although volatile, Scaramucci touted Bitcoin’s digital gold story, emphasizing its ability to hedge against inflation over a four-year investment horizon. He believes that Bitcoin’s market capitalization has the potential to reach 50% of the value of gold.
Scaramucci was an ardent Bitcoin supporter, and Skybridge showed early institutional interest in Bitcoin. The company highlighted its commitment by leading a high-profile push to provide Bitcoin exposure to 401(k) retirement plans.
Despite some mainstream skepticism over the years, Scaramucci has maintained an optimistic long-term outlook for Bitcoin as an emerging digital store of value. He credits intergenerational wealth transfers and Bitcoin-friendly demographics as a springboard for massive growth.
Scaramucci also spoke about the FTX collapse, its impact, regulatory issues, and optimism about the future maturation of the Bitcoin industry.
