Crypto:
30205
Bitcoin:
$68.273
% 1.63
BTC Dominance:
%54.1
% 0.32
Market Cap:
$2.48 T
% 1.89
Fear & Greed:
72 / 100
Bitcoin:
$ 68.273
BTC Dominance:
% 54.1
Market Cap:
$2.48 T

Scaramucci of SkyBridge Predicts Bitcoin Will Reach $170,000

Btc, Bitcoin, Scaramucci

Anthony Scaramucci of SkyBridge Capital is still optimistic about Bitcoin in spite of the fact that it just declined from a record high of $74,000, driven by a wider market selloff and the introduction of spot Bitcoin ETFs.

Scaramucci emphasized in a CNBC interview that the first quarter alone saw an inflow of over $10 billion into BTC, surpassing the growth of the gold ETF (GLD (NYSE:GLD)), which required a year to reach the same milestone.

Speaking about Bitcoin as a hedge against inflation and currency depreciation, Scaramucci stated that although he does not see Bitcoin turning into a large digital store of value like to gold, he does see it as a worldwide standard. According to Scaramucci, the market worth of the flagship currency may approach half that of gold, indicating “a six to eight, ten times move from here, but it will come with great volatility.”

Target Price of Bitcoin

Scaramucci addressed the cyclicality and volatility of Bitcoin by establishing a conservative target price of $170,000 for the cryptocurrency throughout the current cycle. He did, however, recognize the market’s speculative character as well as the influence of waves of adoption and demand.

Scaramucci concluded by attributing a healthier cryptocurrency ecosystem to the system’s exposure to leverage and fraud, which resulted from the delayed licensing of spot Bitcoin ETFs.

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