- Anthony Scaramucci believes the potential benefits of bitcoin’s upcoming halving are not priced in yet, and BTC has significant upside potential.
- He estimates bitcoin could trade up to half the valuation of gold, representing a 6 to 10-fold increase from current prices, potentially reaching around $170,000 this cycle.
- Scaramucci cites the record-breaking demand for spot bitcoin ETFs and the upcoming supply cut from the halving as key drivers for bitcoin’s future price appreciation.
The upcoming bitcoin halving in April has generated much speculation around how it will impact the price of the cryptocurrency. Anthony Scaramucci, founder of investment firm Skybridge Capital, remains very bullish on bitcoin’s future valuation.
Scaramucci’s Bitcoin Outlook
In a recent CNBC interview, Scaramucci explained his optimistic bitcoin outlook. He believes the demand for spot bitcoin exchange-traded funds (ETFs) is a major driver of bitcoin’s price rebound. Scaramucci also thinks the U.S. government’s approval of bitcoin ETFs has spurred significant Wall Street interest.
Scaramucci Dismisses Notion Halving Is Priced In
Some argue the halving’s impact is already priced into bitcoin’s current value. However, Scaramucci disagrees. He emphasized, “I think bitcoin has a lot more to go here.” Scaramucci believes there is still substantial room for further bitcoin growth.
Bitcoin ETF Demand Surprises Scaramucci
Scaramucci admitted he was surprised by the immense demand for spot bitcoin ETFs. He highlighted that bitcoin ETFs reached $10 billion in flows in just one quarter, while it took a year for the gold ETF (GLD) to reach that milestone.
Upcoming Bitcoin Supply Shock
With bitcoin’s daily supply getting cut in half soon, Scaramucci expects strong continued demand against shrinking new supply. He believes this supply shock could drive bitcoin’s price much higher.
Scaramucci’s Bitcoin Price Prediction
Scaramucci sees bitcoin potentially reaching half the total valuation of gold, which would be a 6-10 times increase from the current price. He conservatively estimates bitcoin could reach $170,000 in the current cycle.
Conclusion
Skybridge Capital’s Anthony Scaramucci remains highly bullish on bitcoin due to strong demand trends and the upcoming halving supply shock. He believes substantial upside still lies ahead for the cryptocurrency this cycle. The bitcoin halving and its impact on price will be closely watched by the crypto community.
