Bitcoin Will Hit $170,000 After The Halving: Anthony Scaramucci

Anthony Scaramucci – founder of SkyBridge Capital – predicts that the next Bitcoin (BTC) halving will catapult the asset’s price to $170,000 per coin.

His latest estimate is based on Bitcoin’s consistent track record of tapping new all-time highs following the “halving” – a roughly one-in-four-year event that cuts the rate at which new BTC is produced in half.

Scaramucci’s “Conservative” Estimate

Scaramucci has long credited Bitcoin as being a superior store of value to gold, and compared its potential for outsized return to that of Amazon (AMZN) stock.

“Go back and look at Bitcoin halving cycles,” Scaramucci said on the Scott Melker podcast last week. “The day that Bitcoin halves, multiply it by four [and] 18 months later and it’s been uncanny that that’s been the price of Bitcoin.”

Bitcoin’s last halving was on May 11, 2020, on which day the asset closed at $9,670, according to Yahoo Finance. Almost exactly 18 months later, the asset tapped its current all-time high of $69,000.

The halving before that, BTC closed at $656 on July 16 2016, before surging to a high of $19,783 in December 2017.

This time around, the financier says his $170,000 price target is “conservative,” and is based on Bitcoin’s price being $35,000 at the time the halving occurs in April 2024. As of Monday, Bitcoin trades for $43,000.

Let’s say we’re at $50,000 in April, then it’s a $200,000 handle. Let’s say we’re at $60,000, we’re at $240,000,” he said.

Digital Gold

Long term, Scaramucci maintains that Bitcoin will “easily” reach half the market capitalization of gold, which currently rests at $13.6 trillion. That would imply a Bitcoin price of at least $323,000 per coin.

Scaramucci previously revealed that his fund was the very first external investor to buy shares of BlackRock’s Bitcoin spot ETF before it was approved on January 11.

Much like Scaramucci, BlackRock CEO Larry Fink has repeatedly referred to Bitcoin as “digital gold,” and a “flight to quality” during times of uncertainty.

Scaramucci said he personally met Larry Fink in 2021, and that the latter thought Bitcoin was “stupid” at the time. Scaramucci gave Fink credit for being willing to change his mind on the asset.

“It takes a very smart leader to pridefully say that Bitcoin sucks and then 24 months later say ‘you know what I got this wrong, BlackRock needs to be a part of this.’”

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2024-01-30 02:46