Anthony Scaramucci, founder of SkyBridge Capital Bitcoin He pointed out the potential for its price to rise by more than 200% in the next 12 months.
The veteran name of the hedge fund in a new interview with CNBC Squawk Box Anthony ScaramucciHe thinks that with continued adoption of Bitcoin, its value will continue to rise and volatility will decrease.
“I would like to be able to understand price movements myself. My point is that it’s a bit longer term as opposed to just week to week or daily price movements. I guess what I’m trying to say is that Bitcoin is on the adoption curve. Going back to Web 1, Bitcoin is at the 1999 point of the spectrum. Think about how we got from Web 1 to where we are today.
So, until it reaches over a billion users, you won’t see it as an inflation hedge or a store of value as other experts say. “So it’s going to be a lot more volatile than people want right now, and people are going to look at it as a risk-on or risk-off trade until they hit that adoption curve.”
Anythony Scaramucci Bitcoin priceHe estimates that it will rise to $200,000 within a year. A possible rise towards these levels would mean a 219% increase from its current value. As we reported as Koinfinans.com, it warns that BTC is at risk of a decline of up to 15% in case of unforeseen disasters.
“You can have shocks like wars and, God forbid, a terrorist disaster or something like that that could push Bitcoin down 10% or 15%, but the ultimate drivers of things like demand from ETFs and the 401k market as well as remittance companies to enter the space I think you have a heavy offer for BTC because of this.
So I don’t think you have a 50% downside, but you might have a 10% or 15% downside because it’s still a risk-on asset. But long term, with the halving happening this week, I think this thing will trade up to $170,000, possibly $200,000, which is consistent with where BTC has been for 15 years.”
