Skybridge Capital’s Scaramucci’s Bitcoin Price Prediction
Anthony Scaramucci, the founder and managing partner of Skybridge Capital, made a bold Bitcoin price prediction recently. He believes that the upcoming Bitcoin halving event will be a significant catalyst for its growth and pointed to a $170,000 price target per coin.
Scaramucci’s Prediction
Scaramucci’s prediction is based off historical Bitcoin halving cycles and the cryptocurrency’s performance after them. He noted on a Scott Melker podcast that, on the day of Bitcoin halving, it “multiplies its value by four 18 months later, and it’s been uncanny that that’s been the price of Bitcoin.”
Price Projections
Scaramucci added that using the $35,000 figure, Bitcoin’s price could reach $50,000 by April, the month the halving is expected to occur. It could then multiply by four over the next 18 months, putting it at the $200,000 mark. If the price reaches $60,000 by the halving, it could touch $240,000. His current $170,000 target is based on a hypothetical halving price of $35,000, while his long-term goal predicts Bitcoin could reach half of gold’s market capitalization, bringing BTC to $400,000 per token.
Bitcoin Performance
As of now, Bitcoin is trading at $43,400, having risen nearly 3% over the past 24 hours. The cryptocurrency’s price has recovered from the collapse of the Terra ecosystem and FTX during the bear market and has recently surged over the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States.
BlackRock’s Spot Bitcoin ETF
Before BlackRock got the green light for its spot Bitcoin ETF on January 11, Skybridge Capital revealed that it was the first external investor in the fund. The CEO of BlackRock, Larry Fink, used to be doubtful about Bitcoin as an asset class but has since declared himself “a big believer.” BlackRock’s spot Bitcoin ETF, IBIT, has become the first spot BTC ETF in the United States to see its assets under management surpass $2 billion.
Hot Take
With Scaramucci’s prediction and the growing prominence of Bitcoin ETFs, the crypto market is poised for significant growth over the coming months and years. The inclusion of major financial players and institutions only adds to the legitimacy and attractiveness of cryptocurrencies as a viable investment option.
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