Skybridge Capital CEO Anthony Scaramucci recently predicted that Bitcoin will reach $170,000. To shed more light on this prediction, Scaramucci explained when this will happen and why he believes this price level is very achievable.
When the price of Bitcoin will reach $170,000
In a interview Along with Scott Melker, Scaramucci stated that the price of Bitcoin will reach $170,000 next Bitcoin halving. Specifically, he hinted that the crypto token would rise to this price level 18 months after Halving event. The CEO of Skybridge Capital further explained what he based his prediction on.
Scaramucci said his prediction was based on past Bitcoin halving cyclesnoting that Bitcoin’s price rose about four times 18 months after Bitcoin miner rewards cut in half. He expects this time to be no different, as $170,000 represents just over a fourfold increase from $35,000, which Scaramucci predicts will be Bitcoin’s price when the halving takes place in April.
The CEO of Skybridge Capital stated that his put The price of Bitcoin is $35,000 in April he was simply ‘conservative’. If Bitcoin’s price turns out to be higher, at around $50,000, the crypto token will rise to $200,000 in the next 18 months, Scaramucci claimed. Basically, his basic prediction was that Bitcoin would do a 4x in the next 18 months after the halving.
BTC bulls reclaim control | Source: BTCUSD on Tradingview.com
Bitcoin will reach at least half the market cap of gold
Scaramucci’s long-term prediction is that Bitcoin will “easily” reach the halfway mark Market capitalization of gold, which amounts to $13.7 trillion. That means Bitcoin’s market cap, which is currently around $850 billion, could rise to nearly $7 trillion. If that happens, the CEO of Skybridge Capital believes Bitcoin’s price will increase by about ten times its current price. rising to $400,000 in the process.
Scaramucci highlighted Bitcoin’s potential, stating that it would be “ridiculous” if people did not understand the dynamics of Bitcoin as a store of value and have at least some exposure to it. He also referred to the Discover Bitcoin ETFs and how, following the approval of these funds, there will undoubtedly be more institutional demand for the flagship crypto token.
This isn’t the first time Scaramucci has mentioned the effect Wall Street’s adoption of Bitcoin could have on the market. In September last year, he predicted that the Bitcoin market would one day become bigger asset managers such as BlackRock had a Spot Bitcoin ETF in their ‘arsenal’.
At the time of writing, Bitcoin is trading around $43,300, up more than 2% in the past 24 hours. facts from CoinMarketCap.
Featured image by Breet, chart from Tradingview.com
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