Bitcoin, the front-runner among cryptocurrencies, is garnering attention once again. Anthony Scaramucci, SkyBridge Capital’s founder, has made a bold prediction: Bitcoin could soar to an astonishing $200,000 in the future. This digital currency continues to attract investors globally with its growing popularity.
Scaramucci Optimistic About Bitcoin Long-Term Growth
During an interview on CNBC’s Squawk Box on Thursday, Anthony Scaramucci, founder of SkyBridge Capital, discussed his views on Bitcoin’s future growth potential. He explored the initial phase of Bitcoin acceptance and its potential consequences for the cryptocurrency.
When questioned about Bitcoin’s function as a secure investment during market instability, Scaramucci stated that if Bitcoin fails to amass a user base of 1 billion people, it won’t live up to its promised role as an effective inflation protector or value store, implying its inflation-protection capabilities.
The founder believes that Bitcoin is currently in its initial growth phase and will behave similarly to other high-risk assets. He anticipates reaching a larger user base by the end of 2026, or possibly even earlier. At present, it will be more volatile than many find comfortable with, and investors view it as a risky asset to buy or sell based on market conditions.
He pointed out that the value of Bitcoin could drop by as much as 10-15% if there’s a heightened threat of terrorism or war. However, despite this risk, Scaramucci remains bullish and believes Bitcoin could reach an astounding $200,000 in the near term.
He stated:
Although there’s a low probability of a 10-15% decrease in value due to its volatile nature, I believe that in the long term, with the upcoming halving event this week, Bitcoin could be worth anywhere between $270,000 and $200,000. This estimation aligns with its historical price fluctuations over the past 15 years.
Scaramucci speaks about Bitcoin’s volatility nowadays, drawing a parallel to the unpredictable nature of Amazon’s stock prices in 1999. Despite the turbulence back then, the Amazon founder is optimistic that Bitcoin will experience comparable growth and potentially surpass it over time.
“He believes that if you can keep BTC for five years, you’ll likely reap substantial returns in the end. Given that Bitcoin is still in its early stages of adoption, his forecast suggests long-term investors stand to benefit significantly.”
Does BTC Offer A Safe Haven Amidst Market Turmoil?
Peter Schiff, a well-known critic of cryptocurrencies and advocate for gold, has shared his perspective on Bitcoin’s performance during market turbulence. Following the Iranian Central Region Explosions and Israeli Airstrikes in Iraq, Bitcoin dropped by 4% to $61,000, while gold gained 1.6% to reach $2,416.
In light of this situation, Schiff raised the question to the community: Which digital token carries greater risk and which one serves as a safer investment in times of uncertainty? According to Schiff’s perspective, gold proves to be a more dependable store of value compared to Bitcoin during turbulent economic conditions.
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2024-04-19 14:11