Skybridge Capital founder Anthony Scaramucci remains bullish on bitcoin, dismissing the notion that the potential benefits of the upcoming halving are already priced in. He emphasized that bitcoin has significant room for further growth, noting that the crypto could “trade to half of the valuation of gold,” which translates to a potential six to tenfold move from its current price.
‘I Think Bitcoin Has a Lot More to Go Here’
Skybridge Capital founder Anthony Scaramucci discussed his bitcoin outlook in an interview with CNBC Friday. He explained that the demand for spot bitcoin exchange-traded funds (ETFs) “was a big reason” for the recent rebound in bitcoin’s price.
“The regulatory hurdle where the United States government is now allowing a CUSIP to be attached to bitcoin is a big reason and … when Wall Street gets a product like this, it’s like a selling machine and it’s generating lots of demand for the product,” he detailed.
While some argue that the impact of spot bitcoin ETFs has already been factored into the price of BTC, Scaramucci disagrees. He emphasized:
They’re now saying that the halving is priced in. I don’t believe that. I think bitcoin has a lot more to go here.
Commenting on the record-breaking demand for spot bitcoin ETFs, the Skybridge founder opined: “I think we were surprised that there’s over $10 billion in the first quarter of new flows for something like bitcoin.” He explained that he was surprised because “it took a year for GLD, the gold ETF, to get to $10 billion and so this did it in 25% of the time.”
Scaramucci continued: “The Bitcoin network spits out about 900 coins a day. That’s going to get cut in half, probably on April 20th or so. And so you’re going down to 450 coins and you probably have 2,000-3,000 coins of base demand at a time when the supply is going to get cut.”
Commenting on how high he sees the price of bitcoin reaching, the Skybridge founder shared:
I’m just simply saying it could trade to half of the valuation of gold, which is a six to eight [to] 10 times move from here.
“Typically, what’s happened over the 18 months since the halving, you get a 4x move in bitcoin. Let’s be a little bit more conservative than that. I’ve been saying that it’s about $170,000 for this cycle,” he explained.
Do you agree with Skybridge founder Anthony Scaramucci about bitcoin and what do you think about his $170K price estimation? Let us know in the comments section below.
Source: Bitcoin
