SkyBridge Capital Founder, Anthony Scaramucci has predicted that Bitcoin (BTC) could reach $100,000, during a recent Squawk Box CNBC interview. The prediction comes amid a recovery in the coin’s price and the broader crypto market.
Anthony Scaramucci on Bitcoin As Store-of-Value
Speaking on Bitcoin and Gold, Scaramucci says he does not consider himself as much of the Gold bug though supporters believe it is a better store-of-value. He added, however, that discussions about Bitcoin as store of value can cloud important issues.
The Skybridge founder disclosed that he is most interested in current advancements in the Bitcoin network, such as payment and rail systems. He thinks that such advancements are a good boost for the economy.
According to him, the $6 trillion to $7 trillion spent annually on transaction verification costs can be significantly decreased if these blockchain innovations are deployed. Further, he also noted that he has no problem with Gold and revealed that he owns some in its portfolio.
However, he said his company pivoted into Bitcoin and other digital assets, like Solana (SOL) and Ethereum (ETH), three years ago. Meanwhile, Scaramucci is among the members of a new advocacy group for Kamala Harris, ‘Crypto for Harris.’
The Epic Bitcoin Price Future Prediction
The American financier is confident that Bitcoin will trade for $100,000 per coin. He highlighted regulatory hurdles, uncertainty, fraud exposure, and over-leverage contributing to stalling the crypto’s price.
In June, he predicted that Bitcoin would record a new all-time-high (ATH) if Joe Biden is re-elected President of the US. At the time, the crypto was hovering around $66,000 after a spike of 1.65% in a day, with a market cap of $1.3 trillion.
The price has since dropped below this level after experiencing market fluctuations. As of this writing, the BTC price was $60,366, demonstrating a 1.18% increase in 24 hours. The trading volume also surged by over 30% to $34.4 billion, with the market cap at $1.2 trillion.
In addition to Scaramucci’s forecast, the Stock-to-flow model suggests that the BTC will hit a high of $200,000. Due to their relative scarcity, this model compares Bitcoin to commodities and precious metals like Gold, Silver, or Platinum.
Can Spot ETF Fuel Adoption?
Scaramucci emphasized in the CNBC interview that the approval of the spot Bitcoin Exchange-Traded Fund (ETF) has led to mass adoption from institutional investors. He highlighted that Bitcoin was hovering around $30,000 and was decimated in 2022 as it dropped to $17,000.
Further, the financier also opined that the spot Bitcoin ETF approval in the US made it safe for institutional investors to enter the Bitcoin market. He cited how banking giant Morgan Stanley is now seeing its financial advisors solicit people on Bitcoin.
