Anthony Scaramucci, founder of major investment firm Skybridge Capital, predicted a Bitcoin price target of $170,000 in the current cycle during an appearance on CNBC’s Closing Bell.
NEW: Skybridge’s Anthony Scaramucci says #Bitcoin halving is still not priced in.
Predicts “$170000 for this cycle.” 🚀 pic.twitter.com/0uE4EAmwgS— Bitcoin Magazine (@BitcoinMagazine) April 8, 2024
Scaramucci has been a vocal Bitcoin proponent, with Skybridge investing heavily in Bitcoin. He cited increasing mainstream and institutional adoption as key drivers of Bitcoin’s growth.
The prominent financier and former White House Communications Director highlighted the major impact of SEC-approved Bitcoin spot ETFs in unlocking billions in new investments this year. He compared the over $10 billion in Bitcoin ETF inflows in Q1 favourably to the slower adoption of early gold ETFs.
Scaramucci also discussed the upcoming Bitcoin halving event, which will reduce daily supply and potentially dramatically impact prices. He believes the market has not priced in the halving, predicting a supply squeeze.
Although volatile, Scaramucci stressed Bitcoin’s inflation-hedging ability over a 4-year investment horizon, touting its digital gold narrative. He sees potential for Bitcoin’s market cap to reach 50% of gold’s valuation.
Scaramucci has been an avid Bitcoin proponent, with Skybridge taking an early institutional interest in Bitcoin. The firm led a high-profile push to offer Bitcoin exposure in 401(k) retirement plans, underscoring its commitment.
Despite some mainstream scepticism over the years, Scaramucci has maintained a bullish long-term outlook on Bitcoin as an emerging digital store of value. He cites generational wealth transfers and Bitcoin-friendly demographics as setting the stage for massive growth.
Scaramucci also touched on the FTX collapse, its impact, regulatory issues, and his optimism regarding the Bitcoin industry’s future maturation.