Anthony Scaramucci, founder of SkyBridge Capital, foresees Bitcoin quadrupling in price during this cycle post-halving. He predicts a surge to $170,000 per coin, citing Bitcoin’s historical trend of reaching new all-time highs after halving events.
This projection aligns with the halving’s pattern of reducing the rate of new BTC production by half approximately every four years.
Scaramucci’s Bitcoin Price Prediction
Anthony Scaramucci has long championed Bitcoin as a superior store of value compared to gold and has likened its potential for significant returns to that of Amazon (AMZN) stock.
In a recent appearance on the Scott Melker podcast, Scaramucci highlighted the consistent pattern observed in Bitcoin halving cycles. He noted that on the day of a Bitcoin halving, if one multiplies the price by four, approximately 18 months later, the price tends to align closely with this projection.
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For instance, Bitcoin’s last halving occurred on May 11, 2020, with the asset closing at $9,670 on that day, as reported by Yahoo Finance. Nearly 18 months later, Bitcoin reached its current all-time high of $69,000.
In the halving prior to that, Bitcoin closed at $656 on July 16, 2016, before skyrocketing to a peak of $19,783 in December 2017.
Scaramucci believes that his latest price target of $170,000 for Bitcoin is conservative. This estimation is based on Bitcoin’s price being $35,000 at the time of the next halving in April 2024. As of the latest data, Bitcoin is trading at $43,000.
He further elaborated that if Bitcoin were to reach $50,000 in April, the projected price would be $200,000. Similarly, if the price were to reach $60,000, it would translate to a staggering $240,000.
Scaramucci’s Bitcoin Outlook
Anthony Scaramucci holds a long-term perspective on Bitcoin, asserting that it will easily attain half the market capitalization of gold, currently valued at $13.6 trillion. This projection implies a Bitcoin price of at least $323,000 per coin.
In a revealing disclosure, Scaramucci mentioned that his fund was the initial external investor to acquire shares of BlackRock’s Bitcoin spot ETF before its approval on January 11.
Interestingly, BlackRock CEO Larry Fink shares a similar sentiment regarding Bitcoin, often likening it to “digital gold” and describing it as a “flight to quality” during periods of uncertainty.
Scaramucci disclosed a personal encounter with Larry Fink in 2021, during which Fink held a negative view of Bitcoin, deeming it “stupid” at the time. However, Scaramucci commended Fink for his openness to reconsidering his stance on the asset.
He highlighted Fink’s evolution, acknowledging the rarity of a leader willing to admit past misjudgments, as demonstrated by Fink’s reversal from dismissing Bitcoin to recognizing BlackRock’s need to embrace it.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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