Anthony Scaramucci Predicts Wild Run For Bitcoin Post Halving, 10X Incoming?

Anthony Scaramucci Predicts Wild Run For Bitcoin Post Halving, 10X Incoming?
  • Scaramucci predicts Bitcoin could reach US$170k, emphasising its cyclical nature and potential for significant growth.
  • He views Bitcoin as a digital store of value, similar to gold, and believes it could achieve half of gold’s market cap, despite volatility and market decoupling.
  • Interestingly, Scaramucci commends SEC Chair Gary Gensler for delaying the spot ETF approval, a move that exposed and addressed crypto market vulnerabilities.

According to the founder of SkyBridge Capital, Anthony Scaramucci, Bitcoin still has a lot of room to run in this bull market. Speaking on CNBC’s Closing Bell Scaramucci said his prediction for this cycle is US$170k (AU$258k), based on Bitcoin’s cyclical nature.

Related: Analyst Says Dominoes Will Start to Fall, Predicts Market Crash for Asia, US, EU

Which means that Bitcoin does not simply move in one direction but rather goes through cycles of boom and bust, influenced by a variety of factors. This perspective can shape how one views Bitcoin as an investment, emphasising the need for strategic planning and understanding of market dynamics.

Cyclical Nature and Market Correlation

Scaramucci believes Bitcoin is a “technical asset” which is still in early stages of adoption – but he doesn’t think it will ever become the standard – rather some sort of digital store of value like gold.

Source: CNBC via YouTube

Scaramucci predicts that Bitcoin could reach half of the market cap of gold, a six to ten times increase from the current level.

I do think it [Bitcoin] becomes a digital store of value akin to gold. […] I’m just simply saying it could trade to half of the valuation of gold, which is a 6 to 8, 10 times move from here. It’s not going to happen overnight. It’s going to come with great volatility.

Anthony Scaramucci

The question then is if Bitcoin is correlated to other risk assets and if it would follow a NASDAQ pullback.

Related: Robert Kiyosaki Says ‘Everything Bubble’ on Brink of Bursting Amid Soaring US Debt – Urges Investment in Gold, Silver, and Bitcoin for Safety

Scaramucci believes recently we have seen a bit of decoupling, evidenced by a weak stock market and strong Bitcoin performance. More important for him though is the long-term inflation hedge BTC represents, which helps investors preserve their investments, despite volatility.

Maybe Bitcoin drops 50% due to its volatility, but I think the arc of it is an inflation hedge. It doesn’t necessarily mean that it’s a short-term inflation edge. But if you own Bitcoin – anybody that’s owned Bitcoin in a rolling four-year period of time – they’ve actually done well. So, they’ve never lost money if they’re able to hold on to it for periods like that.

Anthony Scaramucci

Surprise Twist: Scaramucci Praises Gary Gensler

Scaramucci concluded with an unpopular opinion, that is he actually commended the chair of the US Securities and Exchange Commission (SEC), Gary Gensler. Scaramucci believes Gensler did the crypto industry a favour when he approved Future Bitcoin ETFs back in 2021.

Because of the delay and the subsequent legal challenge, the SEC’s actions had the unintended effect of revealing significant issues within the crypto market, including over-leverage and fraud.

By not rushing into the approval of the spot ETF, Scaramucci believes the SEC indirectly allowed for these problems to surface and be addressed, potentially leading to a more stable and secure market in the long term.

Here’s something that people don’t like me saying. I think Gary Gensler did the whole industry a favor. He had the Bitcoin Futures ETF approved in November of 2021. If you just follow the administrative law, he should have approved the spot ETF shortly thereafter. He didn’t do that and so he got sued for something that’s called ‘arbitrary and capricious’ administration of the law. But the one plus year delay in the spot ETF exposed over-leverage in the system, exposed fraud in the system. And so, I do think he deserves credit for that.

Anthony Scaramucci

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