Bitcoin Proponents Predict $100,000+ by 2025
Bitcoin supporters argue that the leading cryptocurrency still has strong underlying fundamentals, and the recent approval of a spot exchange-traded fund (ETF) in the United States further adds to its strength. According to Anthony Scaramucci, the founder of SkyBridge Capital, Bitcoin is likely to surpass $100,000 by 2025 due to the impact of the halving event. Although the spot ETF fell short of near-term expectations for Bitcoin’s valuation, Scaramucci believes that the long-term effects of the product, combined with the halving event, will drive the asset’s price to $170,000 by 2025.
Speaking at the World Economic Forum in Davos, Scaramucci predicts that Bitcoin will grow fourfold in the coming months. He suggests that if Bitcoin is at $45,000 during the halving in April, it will reach $170,000 within 18 months.
Impact of Selling Pressure on Bitcoin ETF
Scaramucci explains that the underperformance of the ETF may be attributed to investors shifting away from the Grayscale Bitcoin Trust (GBTC) towards the spot ETF. He expects that the effect of the ETF on Bitcoin’s price will manifest eight to ten days after approval. Analysts believe that this could trigger a bull run as investors transition to new institutional crypto products and Bitcoin experiences a supply shock due to its upcoming halving event.
James Lavish, a reformed hedge fund manager, supports Scaramucci’s observations and suggests that high selling pressure from GBTC holders converting to the spot fund may have contributed to the unexpected performance of the ETF.
Hot Take: Bitcoin’s Future Prospects
The approval of a spot ETF in the United States has sparked optimism among Bitcoin supporters, with predictions of the cryptocurrency reaching $100,000 or more by 2025. Anthony Scaramucci, founder of SkyBridge Capital, expects Bitcoin to grow fourfold in the coming months and reach $170,000 by 2025. The recent underperformance of the ETF may be attributed to investors shifting away from the Grayscale Bitcoin Trust. However, analysts believe that the ETF’s approval will eventually have a positive impact on Bitcoin’s price, triggering a bull run as investors transition to new institutional crypto products. With the upcoming halving event and increasing institutional interest, Bitcoin’s future prospects remain promising.
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