Anthony Scaramucci, founder of SkyBridge Capital, expects Bitcoin to reach at least $170,000 within the 18-month post-halving cycle.
In a recent interview with CNBC, the former White House communications director expressed his optimism about the Bitcoin market.
Scaramucci noted that Bitcoin ETFs achieved over $10 billion in cumulative inflows in just three months, a feat that took gold ETFs a year to achieve.
The USD has lost almost 22% of its value since January 2020, says Scaramucci, pointing to Bitcoin's rise of over 800%. The top cryptocurrency suffered from extreme volatility during this period. However, for long-term holders, BTC brought significant profits.
Scaramucci views the largest cryptocurrency as a long-term asset rather than a short-term inflation hedge.
Bitcoin as a technical asset could reach at least half the valuation of the gold market, Scaramucci said, adding that it could potentially end this cycle at $170,000.
“Bitcoin is a cyclical product, it is subject to fluctuations and fluctuations. Typically, it moves fourfold within 18 months of the halving. But let’s be a bit conservative on the price, it’s still at $170,000 for this cycle.”
– Anthony Scaramucci, founder of SkyBridge Capital
Scaramucci also spoke about the recent conviction of Sam Bankman-Fried. Bankman-Frieds venture capital unit FTX acquired a 30% stake in SkyBridge back in September 2022.
In November, FTX went bankrupt.
Scaramucci expressed sadness for Bankman-Fried, given his potential and mental state. However, he considered the 25-year sentence to be lenient.
He also emphasized that Bankman-Fried should have pleaded guilty before trial.
“He damaged my business and my reputation and lied to a lot of people. But if you really look at him clinically, he looks like a very damaged guy. Also, people will get their money back, but it has been dollarized. Bitcoin’s value has risen sharply since then, so people are upset about that too.”
– Anthony Scaramucci, founder of SkyBridge Capital
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