Bitcoin Price Prediction From SkyBridge Capital’s Founder

Anthony Scaramucci, the founder of SkyBridge Capital, shared his optimistic outlook on Bitcoin during a CNBC Squawk Box interview.

He believes Bitcoin’s price will benefit as its oversupply issues diminish, especially towards late 2024. Scaramucci highlighted Bitcoin’s relative stability compared to gold’s 30% rise over the past two years but maintained that Bitcoin is still developing as a technological innovation. He anticipates its role as a store of value will solidify with increased adoption.

Scaramucci emphasized Bitcoin’s transformative potential, drawing comparisons to past advances in telecom. He believes Bitcoin and other Layer 1 technologies could significantly enhance payment systems and lower transaction costs.

He also discussed the impact of spot Bitcoin ETFs, noting that their regulatory approval has made the crypto space more accessible to institutional investors. This has led firms like Morgan Stanley to offer Bitcoin investment options. The success of ETFs like BlackRock’s, which garnered $23 billion in assets, reflects this shift.

While Bitcoin has not yet reached the anticipated price levels, largely due to regulatory and market challenges, Scaramucci is confident it will eventually hit $100,000. He observed that recent investment trends show a strong preference for spot Bitcoin ETFs over direct Bitcoin purchases.

On the regulatory front, Scaramucci mentioned evolving political attitudes towards crypto, noting that former President Donald Trump’s views on Bitcoin have softened. He also pointed to potential bipartisan support for crypto legislation by the end of 2024, suggesting a favorable regulatory environment may develop over the next few years.