Bitcoin (BTC) is set to experience a staggering surge of over 200% within the next year, according to Anthony Scaramucci, the founder of SkyBridge Capital. In an interview on CNBC Squawk Box, the seasoned hedge fund veteran explained that the increasing adoption of Bitcoin would drive its value higher and minimize price volatility.
Scaramucci emphasized that his perspective was focused on the long-term rather than short-term fluctuations. He compared Bitcoin’s current position to the early days of the internet, stating that it is currently in a similar stage as the internet was in 1999. He pointed out that for Bitcoin to truly serve as an inflation hedge or a store of value, it would require over a billion users. Until then, the cryptocurrency would remain volatile and be perceived as a risky investment.
Scaramucci’s prediction is that Bitcoin will skyrocket to as much as $200,000 within a year, marking a remarkable 219% increase from its present value. However, he cautioned that unforeseen catastrophic events could lead to declines of up to 15% in the cryptocurrency’s value. Factors such as wars or terrorist incidents could potentially trigger such downturns. Nevertheless, Scaramucci believes that Bitcoin will continue to attract significant demand from ETFs and other institutional investors, which will ultimately drive its price up.
At the time of writing, Bitcoin is trading at $62,594, reflecting a 1.5% increase in the last 24 hours.
Disclaimer: The opinions expressed in this article are not investment advice. It is advisable for investors to conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. All transfers and trades are undertaken at one’s own risk, and any resulting losses are the responsibility of the individual. This article does not recommend the buying or selling of any cryptocurrencies or digital assets, nor does it serve as investment advice. Please note that The Daily Hodl engages in affiliate marketing.
