Anthony Scaramucci, founder and managing partner of Skybridge Capital, predicts a significant increase in the value of Bitcoin (BTC) after the halving event in April. He claims that the price will rise to at least $170,000 when the number of new BTCs entering circulation decreases.
Scaramucci explained his prediction on the Scott Melker podcast and urged listeners to examine past Bitcoin halving cycles:
“Multiply the day Bitcoin had its halving by four and it's quite interesting that 18 months later, this is the price of Bitcoin.
I'm using a figure of $35,000 at the halving, and that's a conservative number… Let's say we're at $50,000 in April, then it would be $200,000. Let's say we're at $60,000, then it'll be $240,000.”
In terms of long-term price target, Scaramucci predicts that Bitcoin could easily reach half the market value of gold, which would push the price of a single coin to around $400,000.
Scaramucci also announced that BlackRock was the first outside investor in the spot Bitcoin exchange-traded fund (ETF), which received approval on January 11.
BlackRock CEO Larry Fink, who was initially skeptical of Bitcoin, has since changed his stance. Fink has publicly declared that he is a “big believer” in Bitcoin since his company filed paperwork for the ETF last June.
Scaramucci praised Fink for his change of heart, saying:
“I'll give Larry a lot of credit, because Larry really did his homework on Bitcoin. It takes a very smart leader to proudly say Bitcoin sucks and then 24 months later say 'you know what, I got that wrong, BlackRock should be a part of it.' .”
*This is not investment advice.