Anthony Scaramucci, the founder of SkyBridge Capital, has predicted that Bitcoin’s price will surge to $170,000 after the next halving event.
Scaramucci has been a long-time advocate of Bitcoin, considering it a superior store of value compared to gold and even comparing its profit potential to Amazon stocks. “When we look at Bitcoin halving cycles,” Scaramucci recently commented on the Scott Melker podcast, “if you take the price on the day of the Bitcoin halving and multiply it by four, then 18 months later, you’ll see that’s the price of Bitcoin.” According to Yahoo Finance, the most recent Bitcoin halving took place on May 11, 2020, when Bitcoin closed at $9,670. Approximately 18 months later, it reached an all-time high of $69,000. In the lead-up to the second halving event, Bitcoin closed at $656 on July 16, 2016, before surging to a high of $19,783 in December 2017. Scaramucci’s current price target of $170,000 is considered conservative, assuming that Bitcoin is priced at $35,000 at the time of the halving event in April 2024. As of now, Bitcoin is trading at $43,400. “Assuming Bitcoin is priced at $50,000 in April, that would equate to $200,000. If it’s at $60,000, that would mean $240,000,” he explained. In the long term, Scaramucci is confident that Bitcoin will easily reach half the market capitalization of gold, which currently stands at $13.6 trillion. This would translate to a minimum Bitcoin price of $323,000 per coin. Similar to Scaramucci, BlackRock CEO Larry Fink has frequently referred to Bitcoin as “digital gold” and a safe haven asset during times of uncertainty. Scaramucci revealed that he personally met with Larry Fink in 2021, during which Fink regarded Bitcoin as “foolish.” Scaramucci commended Fink for his willingness to change his perspective on the cryptocurrency. It takes a forward-thinking leader to openly criticize Bitcoin and then, 24 months later, admit, ‘You know, I was wrong about that; BlackRock needs to be involved in it.'”