SkyBridge CEO Foresees Bitcoin to Reach Half the Value of Global Gold Market
Summary:
SkyBridge Capital CEO, Anthony Scaramucci, predicts significant growth potential for Bitcoin, suggesting it could eventually trade at around half the global gold market's value. In a CNBC interview, he forecasted Bitcoin could reach $170,000 in this cycle but said that a majority of its value increase will occur over an extended period. Ten recently approved spot Bitcoin ETFs have seen over $12 billion in net inflows, fueling increased institutional and retail interest in Bitcoin. Scaramucci also mentioned his affinity for token Solana and other smaller investment positions of SkyBridge Capital.
SkyBridge Capital CEO, Anthony Scaramucci, suggests that Bitcoin still has significant potential for growth from its present value of $69,000, and may eventually reach approximately half the overall worth of the global gold market. He shared these insights during an April 6 CNBC interview, forecasting that Bitcoin could rise to around $170,000 in this cycle. Scaramucci explained that majority of its value increase will take place over an extended timeframe. He hinted at a possible 6 to 10 times surge from Bitcoin's present position to reach half the valuation of gold. Bitcoin, currently having a market capitalization of $1.35 trillion, needs to grow roughly 6 times to attain a market cap similar to half of gold's current total value of $15.8 trillion — yielding a likely Bitcoin valuation of approximately $400,000 per BTC.
Scaramucci heightened the role of the newly sanctioned spot Bitcoin ETFs — referring to them as "selling machines" that will continuously inspire increased retail and institutional interest in Bitcoin. Already, these ten spot Bitcoin ETFs have witnessed over $12 billion net inflows, asserting a steep contrast to the Gold ETF (GLD), which took about a year to record $10 billion inflows post its launch in 2004.
Scaramucci is among several market observers who anticipate significant Bitcoin value appreciation following the ensuing Bitcoin halving event slated for April 20. SkyBridge Capital's interests are not only confined to Bitcoin, as Scarramucci revealed his favor for Solana (SOL) alongside the firm's less substantial investments in SOL, Avalanche (AVAX), Algorand (ALGO), and a few other tokens.
Pseudonymous analyst TechDev, along with other technical analysts, also forecast upbeat predictions for Bitcoin's price trajectory in the post-halving months. Noting Bitcoin's closure of two successive months above the upper Bollinger Band, TechDev suggested to his 440,000 followers that Bitcoin has statistically doubled its price within three succeeding months whenever such a trend occurred.
Echoing similar optimism, Ripple's CEO, Brad Garlinghouse, predicted a doubling of the crypto sector's entire value by the end of the year. In a report by CNBC on April 7, Garlinghouse projected a $5 trillion worth for the entire crypto sector by year's end, attributing forthcoming halving, regulatory progression, and growing popularity of Bitcoin ETFs as key accelerators of broader crypto adoption.
Published At
4/8/2024 4:19:36 AM
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