Anthony Scaramucci, the founder of SkyBridge Capital, stated on Saturday that he is optimistic about Bitcoin’s potential to rise to a high point of $170,000 in the current bull market cycle, driven by the recent surge in institutional demand for Bitcoin spot ETFs and the upcoming fourth halving event. He also believes that Bitcoin’s long-term market value will reach half of that of gold.
The highly anticipated Bitcoin halving is set to occur when the block height reaches 840,000. According to data, the fourth halving is expected to take place on April 20th at 5:54 PM Taiwan time, with less than 13 days remaining. The block reward for BTC will be reduced from 6.25 to 3.125 coins.
The market generally believes that this halving will serve as a catalyst for Bitcoin’s rise, including Anthony Scaramucci, the founder of SkyBridge Capital, who stated in an interview with CNBC that the recent surge in Bitcoin spot ETFs as sales machines and the upcoming fourth halving event provide significant room for Bitcoin to rise from its current level of $69,350. He conservatively predicts that BTC will surge to a high point of $170,000 in this bull market cycle.
Furthermore, he estimates that the long-term valuation of Bitcoin may reach half of that of gold, around 6 to 10 times the current price, with a maximum potential of $400,000. However, this will occur over a longer time frame and will still experience significant volatility.
In late January of this year, Scaramucci stated that based on historical data, the price of Bitcoin usually increases fourfold within 18 months after a halving. With a conservative estimate, assuming the price of Bitcoin at the time of the halving in April is $60,000, Bitcoin is expected to rise to $240,000.
Scaramucci also praised the Bitcoin spot ETF that was approved for listing in January this year, stating that it is like a sales machine, driving significant institutional demand for Bitcoin. The Bitcoin spot ETF has attracted over $10 billion in funds within just three months, while it took a year for the gold ETF GLD to achieve the same feat.
Scaramucci also mentioned his fondness for Solana and noted that SkyBridge Capital holds smaller positions in Solana, Avalanche, Algorand, and several other tokens.