Anthony Scaramucci, the founder of SkyBridge Capital, stated on Saturday that he is optimistic about Bitcoin’s potential in this bull market cycle, with the price potentially soaring to a high of $170,000, driven by the recent surge in institutional demand for Bitcoin futures ETFs and the upcoming fourth halving event. He also predicts that Bitcoin’s long-term market value could reach half of the value of gold.
The highly anticipated Bitcoin halving is set to occur when the block height reaches 840,000. According to data, the fourth halving is expected to take place at 5:54 PM Taiwan time on April 20th, less than 13 days from now. The block reward for BTC will decrease from 6.25 coins to 3.125 coins.
The market generally believes that this halving event will act as a catalyst for Bitcoin’s rise, including Anthony Scaramucci, the founder of SkyBridge Capital, who mentioned in a CNBC interview that the recent introduction of Bitcoin futures ETFs as a sales machine and the upcoming fourth halving event provide significant room for Bitcoin to rise from its current level of $69,350. He conservatively believes that BTC could soar to a high of $170,000 in this bull market cycle.
He also estimates that Bitcoin’s long-term market value could reach half of the value of gold, approximately 6 to 10 times the current price, with a potential high of $400,000. However, this is expected to occur over a longer time frame and will still experience significant volatility.
In late January of this year, Scaramucci stated that based on historical data, Bitcoin’s price typically increases fourfold within 18 months after a halving. With a conservative estimate, assuming Bitcoin’s price at the time of the halving in April is $60,000, Bitcoin could potentially rise to $240,000.
In the interview, Scaramucci also praised the Bitcoin futures ETF approved for listing in January this year as a sales machine, which has generated significant institutional demand for Bitcoin. The Bitcoin futures ETF has accumulated over $10 billion in funds in just three months, while it took the gold ETF GLD a year to achieve the same feat.
Scaramucci also mentioned his enthusiasm for Solana and stated that SkyBridge Capital holds smaller positions in Solana, Avalanche, Algorand, and several other tokens.