SkyBridge Capital founder Anthony Scaramucci expects Bitcoin to reach at least $170,000 within the 18-month post-halving cycle.
In the latest interview with CNBC, the former White House Communications Director expressed his optimism about the Bitcoin market.
Scaramucci pointed out that Bitcoin ETFs reached over $10 billion in cumulative inflow within just three months, a feat that took Gold ETFs a year to achieve.
The USD has lost nearly 22% of its value since January 2020, Scaramucci says, citing how Bitcoin increased over 800%. The top cryptocurrency suffered extreme volatility throughout this period. However, for long-term holders, BTC returned significant profits.
Scaramucci sees 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 goes through pulls and drags. Typically, it moves 4x within 18 months of the halving. But let’s be a bit conservative on the price, it’s still $170,000 for this cycle.”
– Anthony Scaramucci, Founder of SkyBridge Capital
Scaramucci also discussed Sam Bankman-Fried’s recent sentencing. The venture capital unit of Bankman-Fried’s FTX acquired a 30% stake in SkyBridge back in September 2022.
FTX went bankrupt that November.
Scaramucci expressed sadness for Bankman-Fried, given his potential and his mental condition. However, he thought the 25-year sentence was light.
He also emphasized that Bankman-Fried should have pled guilty before the trial.
““He hurt my business, my reputation and lied to a lot of people. But when 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 increased a lot since then, so people are upset about it as well.”
– Anthony Scaramucci, Founder of SkyBridge Capital