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 Bitcoinโs Price Will Hit $170,000
In an interview with Scott Melker, Scaramucci stated that Bitcoinโs 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 Bitcoinโs price increased about four times 18 months after Bitcoin minersโ rewards were cut in half. He expects that this time wonโt be different, as $170,000 represents just over a fourfold increase from $35,000, which Scaramucci predicts will be Bitcoinโs price when the Halving takes place in April.ย
The Skybridge Capital CEO stated that his putting Bitcoinโs price at $35,000 by April was him just being โconservative.โ If Bitcoinโs 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.ย
BTC bulls reclaim control | Source: BTCUSD on Tradingview.com
Bitcoin Will Get To At Least Half Of Goldโs Market Cap
Scaramucciโs long-term prediction is that Bitcoin will โeasilyโ get to half of Goldโs market cap, which stands at $13.7 trillion. That means Bitcoinโs 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 Bitcoinโs price will become about 10 times its current price, rising to $400,000 in the process.
Highlighting Bitcoinโs potential, Scaramucci stated that it would be โridiculousโ for people not to understand Bitcoinโs 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.ย ย
This isnโt the first time that Scaramucci has mentioned the effect that Wall Streetโs 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 โarsenal.โ
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.ย
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