Anthony Scaramucci, founder of major investment firm Skybridge Capital, predicted that Bitcoin's price target will reach $170,000 in the current session during an appearance on CNBC's Closing Bell.
New: says Anthony Scaramucci of Skybridge #Bitcoin The half is still not priced.
He expects “$170,000 for this course.” 🚀 pic.twitter.com/0uE4EAmwgS
– Bitcoin Magazine (@BitcoinMagazine) April 8, 2024
Scaramucci has been a staunch supporter of Bitcoin, 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 significant impact of SEC-approved spot bitcoin ETFs in launching billions in new investments this year. The more than $10 billion in bitcoin ETF inflows in the first quarter compared favorably with the slower adoption of gold ETFs early on.
Scaramucci also discussed the upcoming Bitcoin halving event, which will reduce daily supply and potentially significantly impact prices. He believes the market has not priced in the halving, anticipating a supply squeeze.
Despite its volatility, Scaramucci emphasized Bitcoin's ability to hedge inflation over a four-year investment horizon, promoting its digital gold narrative. He believes that the market value of Bitcoin can reach 50% of the value of gold.
Scaramucci has been a staunch supporter of Bitcoin, with Skybridge showing early institutional interest in Bitcoin. The company has led a high-profile campaign to offer exposure to Bitcoin in 401(k) retirement plans, underscoring its commitment.
Despite some skepticism over the years, Scaramucci has maintained a long-term bullish view of Bitcoin as an emerging digital store of value. He cites intergenerational wealth transfer and Bitcoin-friendly demographics as paving the way for explosive growth.
Scaramucci also touched on the FTX collapse, its impact, regulatory issues, and his optimism about the future maturation of the Bitcoin industry.
