Anthony Scaramucci, the founder and managing partner of hedge fund SkyBridge, remains bullish on Bitcoin saying the cryptocurrency has room to run in an interview with CNBC.
Scaramucci predicts Bitcoin price will reach $170,000 by the end of this cycle, citing factors like adoption adding spot Bitcoin exchange-traded funds playing a big role in Bitcoin’s comeback this year. The hedge fund manager expressed surprise that there have been over $10 billion in inflows in the ETFs this first quarter of this year.
“It took a year for GLD the Gold ETF to get the $10 billion and so this did it and 25% of the time,” said Scaramucci. “Bitcoin, the network spits out about nine other coins a day, that’s gonna get cut in half, probably April 20th or so,” adds Scaramucci.
The hedge fund manager strongly disagrees that the Bitcoin halving is priced in believing we are still in price discovery mode, “I think Bitcoin is a lot more to go here.”
Scaramucci goes on to describe Bitcoin as a technical asset with about 6% world’s population adopting the cryptocurrency.
Earlier this year Scaramucci made a similar bold prediction during an interview at the Reuters Global Markets Forum, held in the picturesque Swiss ski resort of Davos. He explained that if Bitcoin (BTC) were to maintain its current price of around $45,000 at the time of the halving, it could see a remarkable surge to $170,000 by mid-to-late 2025.
Bitcoin Halving 2024: Impact and Expectations
The halving event, a technical occurrence in the Bitcoin network, is designed to reduce the rate at which new Bitcoins are introduced into circulation. In January, Scaramucci said that the price of Bitcoin could potentially quadruple within the 18 months following the halving, regardless of its starting price in April.
Bitcoin halving, set to occur in April 2024, is an event that halves the reward for mining new blocks, reducing miner earnings for transaction verification by 50%. This reduction, happening every 210,000 blocks or roughly four years, will continue until 21 million bitcoins are in circulation. Halving is crucial for traders as it cuts the new bitcoin supply, potentially hiking prices if demand stays stable. The upcoming halving at block 740,000 will decrease the reward from 6.25 to 3.125 bitcoins.
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