Bitcoin Will Reach $170,000 After the Halving
Skybridge Capital CEO Anthony Scaramucci predicts that Bitcoin’s price will reach $170,000 after the Bitcoin Halving event. He believes this will happen 18 months after the Halving takes place. Scaramucci based his prediction on past Bitcoin Halving cycles, where the price increased about four times within 18 months of the event. He expects this time to be no different and predicts that Bitcoin’s price will be around $35,000 when the Halving occurs in April. If his conservative estimate of $35,000 is surpassed and Bitcoin’s price reaches $50,000, Scaramucci claims that the cryptocurrency will rise to $200,000 within 18 months.
Bitcoin Could Reach Half of Gold’s Market Cap
Scaramucci’s long-term prediction is that Bitcoin will easily reach half of Gold’s market cap, which is currently at $13.7 trillion. This would mean Bitcoin’s market cap could rise to close to $7 trillion. According to Scaramucci, if this happens, Bitcoin’s price could become 10 times its current value and reach $400,000. He emphasized the potential of Bitcoin as a store of value and suggested that it would be ridiculous for people not to have some exposure to it. Scaramucci also mentioned the approval of Spot Bitcoin ETFs and how it would lead to more institutional demand for Bitcoin.
Wall Street Adoption and Current Price
Scaramucci has previously discussed how Wall Street adoption of Bitcoin could impact the market. He believes that asset managers like BlackRock having a Spot Bitcoin ETF in their arsenal would widen the Bitcoin market. Currently, Bitcoin is trading at around $43,300, with a 2% increase in the last 24 hours.
Hot Take: Bitcoin’s Potential to Reach $170,000 and Beyond
Anthony Scaramucci, CEO of Skybridge Capital, predicts that Bitcoin’s price will reach $170,000 after the Halving event. Based on past cycles, he expects a fourfold increase in price within 18 months. Furthermore, he believes that Bitcoin has the potential to reach half of Gold’s market cap, which would result in a price of $400,000. Scaramucci highlights the importance of Wall Street adoption and institutional demand for Bitcoin. With its current trading price at around $43,300, Bitcoin’s future looks promising as it continues to gain momentum in the market.
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