Amid the heightened anticipation surrounding the upcoming April Bitcoin halving, a new prediction has emerged from Anthony Scaramucci, the founder of SkyBridge Capital. In an interview with CNBC TV, Scaramucci cited a historical trend, which suggests that BTC’s value tends to quadruple following a halving event.
Anthony Scaramucci: Bitcoin to Reach $200K
Scaramucci predicted that if Bitcoin were to be at $50,000 at the time of halving, it could potentially reach $200,000. He states:
“I’m not sure where it’ll be on or about April 20th when the halving actually takes place, but let’s say it’s at $50,000; that would imply over 18 months from the halving a $200,000 Bitcoin price.”
SkyBridge founder states that a combination of constrained supply and surging demand, particularly from the influx of newly-approved spot Exchange-Traded Funds (ETFs), would drive this anticipated surge.
He noted that these ETFs trade at volumes 12 to 14 times the daily network output, amplifying the impact on Bitcoin’s market dynamics. According to him, this prevailing situation, coupled with the struggles faced by Bitcoin skeptics experiencing losses, would fuel a significant price appreciation.
Scaramucci to Jamie Dimon: Time to Hit the Books
Taking a jab at JPMorgan Chase CEO Jamie Dimon, Scaramucci urged critics to “do more homework.” He cited examples of influential figures who initially held negative views on Bitcoin but changed their stance after thorough research.
“I would just ask him to please do more homework because people like Paul Tudor Jones or Stan Druckenmiller, or somebody like Larry Fink, who’s actually done the homework, were perhaps negative on Bitcoin prior to doing the homework. It’s a one-way ticket towards Bitcoin if you actually do the homework to fully understand the asset,” Scaramucci states.
He emphasized that even if one’s initial stance is incorrect in the short term, understanding the fundamentals can lead to eventual rewards.
Bitcoin to Replace Gold
During the interview, Scaramucci also compared Bitcoin to gold, which has a market capitalization of over $13.7 trillion. He noted Bitcoin’s ease of transfer and comparable properties and stated that it should aim to reach at least half of gold’s market value.
Scaramucci did not hold back in his critique of central banking systems’ currency management, particularly since the departure from the gold standard in 1971. He claimed that this shift has resulted in an astonishing 98% erosion in the purchasing power of the US dollar over the span of 52 years.
In contrast, SkyBridge founder positioned Bitcoin as a corrective measure, presenting itself as a more stable and secure asset in the long-term financial landscape. He posits that Bitcoin’s market capitalization could potentially surpass that of gold, stating:
“This decentralized fully transparent currency is definitely going to rise in value…maybe it won’t be the currency standard for the world, but it certainly could replace gold or be alongside gold as a store of value.”
Notably, Bitcoin ETFs are playing a crucial role in the recent dominance of bitcoin, attracting billions of dollars in inflows while gold ETFs experience significant outflows. Bitcoin ETFs have recently witnessed remarkable inflows, surpassing an impressive $6 billion mark. All nine ETF issuers, except Grayscale, have accumulated 300,000 BTC within less than two months of their launch.
