Dan Burgin
Founder of SkyBridge Capital thinks halving is not priced in yet, expecting Bitcoin price to go up to $170,000 in this cycle
Legendary investor Anthony Scaramucci has shared his view on the Bitcoin price ahead of the halving event that is supposed to happen this April.
During his recent interview on CNBC, Scaramucci noted that halving is not yet priced in as the BTC price “has a lot more to go.” As for the price target, he expects Bitcoin valuation to rise as much as 10 times from the current level.
“I’m simply saying it should trade to half of the valuation of gold, which is a six to eight, ten times move from here.” However, this movement will not happen in the short term, he added.
$170,000 BTC for this cycle
In April 2024, the Bitcoin (BTC) market is experiencing significant growth, with the introduction of exchange-traded funds (ETFs) driving over $10 billion in new flows for Bitcoin. This surpasses the $10 billion milestone reached by the Gold ETF (GLD) but in just 25% of the time.
There is a belief that the Bitcoin halving event, where miner rewards are cut in half, has already been factored into the market’s pricing. Anthony Scaramucci disagrees, arguing that there is still room for significant growth in Bitcoin’s value. Scaramucci sees Bitcoin as a digital store of value akin to gold, with potential for a six to ten times increase in value from current levels.
Despite Bitcoin’s potential, Scaramucci acknowledges its volatility and cyclical nature. He predicts a potential price target of $170,000 for this cycle, driven by waves of demand and adoption.
Additionally, Scaramucci reveals an interest in other cryptocurrencies like Solana and Avalanche, although Bitcoin remains the primary focus due to its dominance in the market.
“Buy Bitcoin. Get ready”
Scaramucci, a vocal advocate for Bitcoin, has been actively promoting its transformative potential. He remains optimistic about Bitcoin ETFs, drawing comparisons between Bitcoin and Gold as stores of value, and speculating on the eventual recognition of Bitcoin’s value by traditional investors like Warren Buffett.
In his recent post on the X platform, the BTC advocate reacted to the latest projections from the Congressional Budget Office indicating that the U.S. federal debt will rise to 116% by 2034. This trajectory surpasses the debt levels observed during World War II, but the actual outlook may be even more concerning.
