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Anthony Scaramucci, Skybridge Capital’s founder, has a bullish outlook for Bitcoin, predicting the cryptocurrency’s value to exceed $170,000 next year. Based on the current price and assuming this level remains steady until Bitcoin’s halving in April, Scaramucci’s statement came during an interview at the Reuters Global Markets Forum. He believes that the upcoming Bitcoin halving event coupled with high institutional demand for recently launched spot Bitcoin exchange-traded funds (ETFs) will propel the price surge.
Scaramucci further explained that the price at the April halving could be multiplied by four, projecting this value within 18 months. Last December, he envisioned a massive capital influx from Wall Street into spot Bitcoin ETFs. The SEC approved 11 spot Bitcoin ETFs last week following which Bitcoin’s price surged past $49,000, though it later dropped to around $42,000. Scaramucci points out that the price dip after the approval of Bitcoin ETFs was due to investors shifting assets from Grayscale Bitcoin Trust into the newfound spot Bitcoin ETFs. He foresees the influence of funds flowing into spot Bitcoin ETFs on Bitcoin’s price in about eight to ten trading days.
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