SkyBridge Capital founder Anthony Scaramucci predicts Bitcoin (BTC) will skyrocket by over 200% within the next 12 months due to its increasing adoption, which will mitigate price volatility. Scaramucci believes Bitcoin is currently in a growth phase similar to the early stages of the internet, and once it surpasses a billion users, it will emerge as a genuine store of value.
SkyBridge Capital Founder Predicts Bitcoin to Skyrocket Over 200% in 12 Months
Renowned hedge fund manager and SkyBridge Capital founder Anthony Scaramucci has boldly proclaimed that Bitcoin (BTC) is poised for an exceptional surge, projecting a staggering 200% increase within the next year. This bullish forecast, unveiled during an interview on CNBC Squawk Box, is anchored in Scaramucci's belief that the cryptocurrency's burgeoning adoption will continue to propel its value upwards while mitigating price volatility.
"I acknowledge the enigmatic nature of Bitcoin's price movements," Scaramucci remarked. "However, my perspective transcends short-term fluctuations. I discern Bitcoin's trajectory within the broader context of adoption. Analogous to the evolution of the internet, Bitcoin currently resides at a pivotal stage comparable to the cusp of Web 1 in 1999. Imagine the transformative journey we have witnessed from Web 1 to the digital landscape we inhabit today."
Scaramucci emphasizes the significance of reaching a billion users before Bitcoin can fully realize its potential as an inflation hedge or store of value. Until then, he anticipates continued volatility, with Bitcoin being perceived as a risk-on or risk-off asset.
Despite this volatility, Scaramucci maintains an unwavering optimism, envisioning Bitcoin soaring to unprecedented heights. He predicts a potential surge to $200,000 within a year, reflecting a remarkable 219% appreciation from its current valuation. While acknowledging the potential for adverse events, such as geopolitical conflicts or terrorist incidents, to temporarily depress Bitcoin's value by 10-15%, he asserts that the underlying demand from exchange-traded funds (ETFs), wirehouses, and the 401k market will provide a robust buffer against significant declines.
"I dismiss the notion of a 50% downside risk," Scaramucci stated emphatically. "While we may encounter 10-15% dips due to its inherent risk-on risk-off nature, the long-term trajectory remains undeniably bullish. With the halving event approaching this week, I anticipate Bitcoin trading within a range of $170,000 to $200,000, aligning with its historical performance over the past 15 years."
At the time of writing, Bitcoin is trading at $62,594, marking a modest 1.5% gain in the preceding 24 hours. Scaramucci's audacious prediction has ignited fervent discussions and captivated the attention of the cryptocurrency community, eager to witness whether Bitcoin can defy odds and ascend to the dizzying heights he foresees.
