SkyBridge Capital founder Anthony Scaramucci is optimistic that Bitcoin (BTC) will eventually be worth $500,000 despite the recent downtrend. Scaramucci said he could not identify the exact cause, but said that BTC is closely monitoring the performance of some stocks listed on the Nasdaq. Detail cryptocoin.com‘in.
Is 500k possible for bitcoin?
The manager said, “Honestly, I don’t know why. “There are probably countless factors, but I think the most interesting thing is that Bitcoin is now very tightly correlated with higher growth, higher risk Nasdaq stocks.” Scaramucci also says that long-term Bitcoin investors will reap their rewards, just like those who held Amazon in the e-commerce giant’s early days. The famous manager talks about the subject as follows:
Bitcoin has fallen by at least 50% 10 times since 2012. Last year we had two 50% declines, the most recent one also in May 2021. You have to expose yourself to this kind of volatility movement. I remind people of what Jeff Bezos said on the 20th anniversary of Amazon’s IPO. People say, ‘Wow, the stock is so volatile. How could you hold out there?’ And he said, ‘Well, I’m more focused on users and revenue growth.
For Bitcoin, as it’s a network, we need to focus on wallet growth and interaction between people on the network, and that’s why he thinks Bitcoin will eventually be worth half a million dollars. According to him, it will probably take four to five years. The journey will be tough but definitely worth it. Scaramucci says the adoption curve in crypto has something to do with the expected rise in Bitcoin value four to five years from now.
There is a lot of research on this and how can people value Bitcoin? Basically, you can value network related Bitcoin. Recall that MIT professor Robert Metcalfe once said: “A fax machine is probably worthless, but 100 million have some value.” The network itself has value, and when people do their fundamental analysis on Bitcoin, they are wrong.
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