SkyBridge's Scaramucci expects Bitcoin price to reach $170,000, according to


SkyBridge Capital's Anthony Scaramucci remains optimistic despite the recent decline from a record high of $74,000, driven by a broader crypto sell-off and the launch of spot Bitcoin ETFs.

In an interview with CNBC, Scaramucci highlighted the rapid inflow of over $10 billion into Bitcoin in the first quarter alone, outpacing the growth of the gold ETF (GLD (NYSE:)), which took a year to reach the same milestone to reach.

“Maybe ETFs played a role in Bitcoin’s comeback. I think we can agree on that. And when Wall Street gets a product like this, it becomes a sales machine that creates a lot of demand for the product.”

Scaramucci attributed Bitcoin's resilience to several factors, including its halving mechanism, which reduces the number of new coins entering the system and ultimately drives up the price due to scarcity. He remains skeptical of claims that the impact of the Bitcoin halving and ETF launch has been fully priced in, instead suggesting that Bitcoin “still has a long way to go.”

“Global adoption in terms of global population is about 6%, which for Web 1 is about 1998 to give you an idea of ​​the growth potential.”

Scaramucci spoke about Bitcoin as a hedge against inflation and currency devaluation, noting that while he doesn't believe Bitcoin will become a global standard like gold, he does see it as an important digital store of value. He believes the flagship coin could reach half the market value of gold, suggesting “there will be a six-, eight-, or 10-fold move from here, but that will come with a lot of volatility.”

Given Bitcoin's volatility and cyclicality, Scaramucci set a conservative target of $170,000 for Bitcoin in the current cycle. However, he acknowledged the speculative nature of the market and the impact of waves of adoption and demand.

In the broader context of the crypto market, Scaramucci mentioned investments in other cryptocurrencies such as and and emphasized Bitcoin's role as a leading asset in this space.

“Bitcoin is the big Kahuna. We also like Solana, full disclosure. We have smaller positions like Avalanche and are looking at some other tokens.”

He also addressed the recent conviction of FTX founder Sam Bankman-Fried, adding that he was personally disappointed as the saga marked a major setback for the entire industry.

“I felt very sorry for the boy. He hurt my business, he hurt my reputation. We sold part of our business, he lied to a lot of people and he hurt a lot of people. But if you really look at him Clinically he seems to be a very damaged guy who will probably spend 18 to 20 years of his future in this sentence. Despite the lenient sentence, I'm not unhappy for Sam and his family.

Despite the challenges, Scaramucci's company SkyBridge remains interested in the crypto space, viewing regulatory controls and legal challenges as steps toward a more mature and stable market.

“The US dollar has lost about 22% of its value since January 2020, while Bitcoin is up 8 to 1. If you've owned Bitcoin over a rolling four-year period, you've actually done well.” You “have never lost money when you've been able to hold onto it over such periods, which shows Bitcoin's potential as a long-term inflation hedge.”

Finally, Scaramucci attributed the delayed approval of spot Bitcoin ETFs to exposing leverage and fraud in the system, which ultimately led to a healthier cryptocurrency ecosystem.

“I think Gary Gensler did the entire industry a favor by delaying spot ETF approval, which exposed excessive leverage and fraud in the system, resulting in a healthier cryptocurrency ecosystem. He had the Bitcoin futures ETF approved in November 2021, and if administrative law is anything to go by, he should have approved the spot ETF shortly thereafter.”


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