Skybridge Chief Predicts Bitcoin to Soar to $170,000: Is it Attainable?

• In an interview with CNBC, Anthony Scaramucci shared his prediction for Bitcoin in the upcoming cycle, he anticipates a new all-time high of $170,000.
• The next Bitcoin halving is less than two weeks away, with crypto experts offering a conservative $100,000 price prediction after the event.

Skybridge founder and managing partner Anthony Scaramucci has in a recent interview shared his Bitcoin (BTC) prediction ahead of the next halving. In an interview with CNBC, the former White House Communications director revealed that he expects BTC to reach $170,000 by the end of the current bullish cycle.

#Bitcoin is up over 140% over the last year, hitting all-time highs last month fueled by demand from spot ETFs. @Scaramucci discusses why he thinks Bitcoin is back: pic.twitter.com/HJxQEy6XY0

— CNBC's Closing Bell (@CNBCClosingBell) April 5, 2024

Scaramucci who has become a prominent figure in the cryptocurrency community pointed to historic trends around the Bitcoin halving. In previous halvings, Bitcoin has ended its bullish cycle with an all-time high. The world’s largest cryptocurrency set an all-time high a few weeks ago as it reached $75,000. Crypto experts have been offering differing predictions ranging from $100,000 to $250,000 before the end of the year.

Scaramucci noted;

Bitcoin is a cyclical product… typically, it moves 4x within 18 months of the halving. But let’s be a bit conservative on the price, it’s still $170,000 for this cycle.

At the time of writing, BTC is exchanging for $71,887 after a 4% surge in the last 24 hours. This sees the digital asset extend its weekly gains by nearly 5% as it approaches $72,000 and its all-time high.

The recent performance, as pointed out by Scaramucci is a reflection of institutional adoption. The launch of Bitcoin spot ETFs has been a massive boost with the founder pointing out the fact that the launched ETFs have attracted over $10 billion in inflows. Interestingly, it took nearly 10 years for gold to post the same impressive investment.

In the long term, Scaramucci expects Bitcoin to reach $400,000 a price tag that would see the digital asset reach half the market cap of gold. Many in the crypto community still expect Bitcoin to surpass gold in market cap owing to its superior technology, supply cap, and application as a means of payment and hedge against inflation.

Anthony Scaramucci highlights Bitcoin’s potential to evolve beyond a hedge against inflation and become a long-term store of value. This perspective is fueled by two key factors: Bitcoin’s finite supply, capped at 21 million coins, and its increasing adoption. This combination suggests scarcity and the potential for significant price appreciation.

While acknowledging Bitcoin’s volatility as a major consideration, Scaramucci remains confident that experienced investors with a long-term strategy can weather short-term market fluctuations. He views Bitcoin’s long-term trajectory as a compelling opportunity for investors seeking sustained growth and value appreciation.

Earlier this year, the founder had suggested that the Qatar sovereign wealth fund was investing in Bitocin but these claims remain unsubstantiated.

The founder also spoke of the FTX collapse in which his company Skybridge held a 30% stake. While he acknowledged the harm that its collapse had caused investors and customers, he also expressed sympathy for former CEO Sam Bankman-Fried.