Skybridge Capital CEO Anthony Scaramucci recently predicted that Bitcoin will hit $170,000. Shedding more light on this prediction, Scaramucci stated when this will happen and why he believes this price level is very attainable.
When Bitcoin’s Price Will Hit $170,000
In an interview with Scott Melker, Scaramucci stated that Bitcoin’s price will hit $170,000 after the Bitcoin Halving. Specifically, he hinted that the crypto token was going to rise to this price level 18 months after the Halving event. The Skybridge Capital CEO further explained what he was basing his prediction on.
Scaramucci mentioned that his prediction was based on past Bitcoin Halving cycles, noting that Bitcoin’s price increased about four times 18 months after Bitcoin miners’ rewards were cut in half. He expects that this time won’t be 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 Skybridge Capital CEO stated that his putting Bitcoin’s price at $35,000 by April was him just being “conservative.” If Bitcoin’s price turned out to be higher, at a price like $50,000, the the crypto token will rise to $200,000 in the next 18 months, Scaramucci claimed. Basically, his base 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 Get To At Least Half Of Gold’s Market Cap
Scaramucci’s long-term prediction is that Bitcoin will “easily” get to half of Gold’s market cap, which stands at $13.7 trillion. That means Bitcoin’s market cap, which currently stands at around $850 billion, could rise to close to $7 trillion. If that happens, the Skybridge Capital CEO believes that Bitcoin’s price will become about 10 times its current price, rising to $400,000 in the process.
Highlighting Bitcoin’s potential, Scaramucci stated that it would be “ridiculous” for people not to understand Bitcoin’s dynamics as a store of value and at least have some exposure to it. He also alluded to the Spot Bitcoin ETFs and how there is bound to be more institutional demand for the flagship crypto token following the approval of these funds.
This isn’t the first time that Scaramucci has mentioned the effect that Wall Street’s adoption of Bitcoin could have on the market. In September last year, he predicted that the Bitcoin market was going to widen once asset managers like BlackRock had a Spot Bitcoin ETF in their “arsenal.”
At the time of writing, Bitcoin is trading at around $43,300, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Breet, chart from Tradingview.com
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