Very passionate about cryptocurrencies, the founder of the hedge fund Skybridge Capital has just shared new perspectives on the price of BTC. Anthony Scaramucci, entrepreneur and former White House communications chief, had always given a bullish speech on bitcoin. This time, he pushes the bar further. Based on the rise in requests for Bitcoin ETF approvals, he predicts new highs for bitcoin which he compares to gold. Details.
A bitcoin between 150,000 and 250,000 dollars according to Scaramucci
The price of bitcoin is expected to experience strong growth in the next few months. In view of empirical data, this is the effect that the halving of bitcoin expected for 2024 should produce. However, halving is no longer the only variable in the equation of the growth prospects of the queen of cryptos.
According to Skybridge Capital boss Anthony Scaramucci, the launch of Bitcoin ETFs will cause a dazzling impact on the price of bitcoin. Indeed, giants of financial investment – Grayscale, BlackRockVanEck, Valkyrie, Wisdomtree, Fidelity, Invesco, etc. – have been waiting for several weeks for the approval of their Bitcoin ETF.
Anthony Scaramucci believes that a possible approval of these Bitcoin ETFs will cause a drastic increase in the demand for BTC in the market. He also recalled how the influx of investments in Gold ETFs had boosted the price of gold.
He sees the same scenario playing out with Bitcoin ETFs. For him, if ETFs allocate $100 billion to crypto, the price of the flagship crypto could reach $150,000 or even $250,000. The boss of the company which allocated more than $1.75 billion to cryptocurrencies also compared BTC and gold in a context of inflation.
Would BTC be a better asset than gold in the future?
Generally, bitcoin is referred to as digital gold. For the CEO of SkyBridge Capital, BTC could, in the future, be a better asset than gold in the face of inflation. Indeed, he justifies, “if the demand for gold is stronger, we will build more mines”.
On the other hand, he adds, bitcoin is perhaps the only asset on earth whose demand can increase while its supply is fixed. Given that the supply of BTC will never exceed 21 million units, the increase in demand with the rise of BTC ETFs could therefore cause the cryptocurrency to explode.
BTC thus finds itself facing two bullish trend triggers: a possible approval of bitcoin ETFs and a halving expected in 2024. We should therefore expect to see a new dynamic could take hold on the crypto market in the coming months.
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