SkyBridge Capital founder Anthony Scaramucci expects Bitcoin to reach at least $170,000 within 18 months after the halving.
In a new interview with CNBC, the former White House communications director expressed optimism about the Bitcoin market.
Scaramucci noted that Bitcoin ETFs have reached more than $10 billion in cumulative inflows in just three months, a feat that took gold ETFs a year to accomplish.
Scaramucci said the value of the US dollar has fallen by nearly 22% since January 2020, citing Bitcoin's rise of more than 800%. The top cryptocurrencies suffered from extreme volatility throughout this period. However, for long-term holders, BTC has yielded significant profits.
Scaramucci believes that the largest cryptocurrencies are long-term assets rather than short-term inflation hedges.
Scaramucci added that Bitcoin as a technical asset could reach at least half of the gold market valuation, and the cycle could end at $170,000.
“Bitcoin is a cyclical commodity and goes through pull and drag. It typically quadruples within 18 months of the halving. But let's be a little conservative about the price. We're still at 170,000 in this cycle. It's dollars.”
– Anthony Scaramucci, Founder of Skybridge Capital
Mr. Scaramucci also mentioned the recent sentencing of Sam Bankman Freed. Bankman Freed's FTX venture capital arm acquired a 30% stake in Skybridge in September 2022.
FTX went bankrupt in November of the same year.
Scaramucci expressed sadness considering Bankman-Fried's potential and mental state. However, he considered a 25-year sentence to be a light sentence.
He also stressed that Bankman-Freed should have pleaded guilty before trial.
“'He has damaged my business and reputation and lied to a lot of people. But when you really look at him clinically, he seems like a very damaged man. Also, people You get your money back, but it's dollarized. Bitcoin's value has increased significantly since then, so people are upset about it too.”
– Anthony Scaramucci, Founder of Skybridge Capital
