- Scaramucci predicts a fourfold increase for Bitcoin after the halving.
- The director argued for proper investigation before dismissing BTC.
Amid the growing anticipation around Bitcoin [BTC] Halving, investor predictions are doing the rounds. The latest comes from Anthony Scaramucci, founder of SkyBridge Capital.
Speak with CNBC TVScaramucci highlighted a historical trend observed over the past fourteen years, suggesting that the value of BTC typically quadruples after the halving. He speculated,
“I’m not sure where it will be on or around April 20 when the halving actually happens, but let’s say it’s $50,000; that would mean more than 18 months from the Bitcoin price halving of $200,000.”
He attributed the increase to limited supply amid growing demand, particularly from new spot ETFs coming to market, which trade at volumes of 12 to 14 times daily network output.
This scenario, coupled with the fate of Bitcoin skeptics who are currently facing losses, is believed to be the driving force behind the significant price increase. At the time of writing, BTC was trading at over $59,000, up about 40% in the past month.
The director also went after JPMorgan Chase CEO Jamie Dimon and his criticism of Bitcoin. He said,
“I would just ask him to please do more homework, because people like Paul Tudor Jones or Stan Druckenmiller, or someone like Larry Fink, who actually did the homework, might have been negative about Bitcoin before they did the homework. It’s a one-way ticket to Bitcoin if you actually do your homework to fully understand the asset.”
He suggested that understanding the fundamentals can lead to eventual rewards, even if one’s initial position seems wrong in the short term.
Is Bitcoin more stable than gold?
The SkyBridge founder drew a comparison to gold, a $6 trillion asset, and argued that Bitcoin, with its easy transfer and similar properties, should aim to reach at least half the market value of gold. This projection indicates an eightfold increase by 2030.
Scaramucci also criticized the central banking system’s currency management, especially since the disconnect from the gold standard in 1971. He claimed that this led to the US dollar losing 98%. of its purchasing power in 52 years.
However, Bitcoin offers a correction to the perceived mismanagement and offers a more stable and secure asset in the long term. Scaramucci commented:
“This decentralized, fully transparent currency will certainly increase in value… it may not be the currency standard for the world, but it could certainly replace gold or stand alongside gold as a store of value.”
Bitcoin ETF inflows overshadow gold ETFs
Analysts are optimistic that Bitcoin could surpass gold’s market cap, reflecting its dominance over silver. Since their introduction, Bitcoin ETFs have attracted billions of dollars, while gold ETFs have seen a significant withdrawal of money.
According to ETF.comGold ETFs have witnessed outflows of around $3.6 billion, reducing their assets under management (AUM) to $92.5 billion.
Meanwhile, Bitcoin ETFs have seen notable inflows of $5 billion, bringing their total assets under management to $37.6 billion.