Key Takeaways
- Scaramucci predicts a $170,000 Bitcoin price, driven by institutional adoption.
- Over $10 billion flowed into Bitcoin ETFs in Q1, surpassing early gold ETF adoption.
- The upcoming Bitcoin halving event is expected to cause a supply squeeze, impacting prices.
Anthony Scaramucci, the founder of Skybridge Capital, predicted a Bitcoin price of $170,000 in the current cycle on CNBC’s Closing Bell.
He attributed this forecast to the increasing institutional adoption of Bitcoin.
Institutional adoption and ETF impact
Scaramucci highlighted the significant role of SEC-approved Bitcoin spot ETFs in attracting billions in investments this year.
He noted that over $10 billion flowed into Bitcoin ETFs in Q1, outpacing the early adoption of gold ETFs.
Halving event and supply squeeze
The upcoming Bitcoin halving event, which will reduce the daily supply, was also discussed by Scaramucci.
He believes this event is not yet priced into the market and could lead to a supply squeeze, impacting prices.
Bitcoin’s role as digital gold
Scaramucci emphasized Bitcoin’s inflation-hedging capabilities over a four-year investment horizon.
He envisions Bitcoin’s market cap reaching 50% of gold’s valuation, reinforcing its status as digital gold.
Long-Term outlook and demographics
Despite mainstream skepticism, Scaramucci remains bullish on Bitcoin’s long-term prospects.
He cited generational wealth transfers and Bitcoin-friendly demographics as key factors for future growth.
Scaramucci briefly touched on the FTX collapse, regulatory challenges, and his optimism for the Bitcoin industry’s maturation.
