Anthony Scaramucci, Founder and Managing Partner of Skybridge Capital, talked about the future outlook for bitcoin in an interview with Melissa Francis on Magnifi by TIFIN on Friday. He thinks we could easily see a price of $100,000 this year.
Advising on the percentage of salary the average investor should put into Bitcoin, Scaramucci said: “I’d pick a number you’re comfortable with and buy a little bit each month.” he started with a 4% cost position which ended up being 22%, then “traded to about a 15% position.”
The former Whitehouse adviser urged investors: “I think you have to get involved. I think it’s wrong to under-invest or zero-invest”.
Scaramucci believes that it’s going to be very volatile and there will be a period of time when Bitcoin will crash and drop more than 50%. But looking at long-term charts and seeing adoption, he believes it can reach the $500,000 price.
He had expected the price of BTC to reach $100,000 by the end of last year, but he admitted that he “did not assess the regulatory environment appropriately” after the U.S. Securities and Exchange Commission approved bitcoin futures exchange-traded funds.
SkyBridge Capital is an SEC-registered investment adviser and global alternative investment manager that invests in hedge funds, digital assets, private equity, and real estate. It was founded in 2005 by Anthony Scaramucci, the co-founder of Oscar Capital Management.
Scaramucci has been consistently bullish on Bitcoin. In November, he advised investors to start buying BTC, saying: “It’s very, very early for people… I’m trying my best to explain to them why they need to own it now.”
He’s clearly fully aware of bitcoin’s built-in scarcity, he pointed out that “JPMorgan said there are 49 million millionaires based on U.S. dollar fiat currency. You don’t even have enough [for each millionaire]. So, for me, I think this is a very scarce property.”