- Scaramucci maintains his stance on the future valuation of Bitcoin.
- The Skybridge founder says the regulatory environment is the reason Bitcoin has yet to hit $100,000.
Anthony Scaramucci, the founder of Skybridge Capital, once again reiterated his stance that Bitcoin would reach the $500,000 price point. This is not the first time the executive has done so, as he gives average investors a blueprint to get into the nascent market.
Scaramucci Maintains Stance On Future Bitcoin Valuation
Anthony Scaramucci has once again said he expects Bitcoin to reach the $500k price point in an interview with Melissa Francis on Magnifi by TIFIN. The Bitcoin bull had said the same thing in an interview with Kitco News at the end of January, saying he expected this valuation in the next four to five years.
Scaramucci noted that Bitcoin was still in its early days in terms of adoption, cautioning “hodlers” to brace up for volatility ahead. “This will be very volatile,” he warned. “There’ll be periods of time where bitcoin will crash, down 50 plus percent.” However, Scaramucci added that “if you’re willing to zoom out and look at the long term chart and look at the adoption story, could bitcoin get to a half a million dollars a coin? I believe it will.”
In the short term, he expects the asset to be valued at $100,000. On whether it could happen this year, he said, “Could it get there this year? Yes. Is it likely to get there over two years? I’m very confident of that. But we’ve got some work to do here from a regulatory perspective.” He added that the markets needed time to recover from the pandemic, which he believes is not “going anywhere.”
Scaramucci had expected Bitcoin to reach a $100,000 valuation last year, but he noted afterward that he “did not assess the regulatory environment appropriately.” He said, “I thought once you had the bitcoin futures [ETFs], you’d end up with the cash pretty immediately. Too much political headwind for that.”
Scaramucci has long been a proponent of the foremost digital asset and was not the only analyst with the belief that the asset would hit $100,000 last year. During the interview with Melissa, Scaramucci also explained how retail investors can get into the market.
Scaramucci advised that average investors buy some, adding that they should “average in.” He noted that “the only way you can handle technology like this is to dollar-cost average and buy a little every month.”
Scaramucci encouraged retail investors to set aside a small portion of their income they are comfortable with, advising them to pick a number between 1 and 4%. He revealed that he had invested 4% of Skybridge funds in bitcoin.
Scaramucci believes that people should endeavor to get involved in the market. He said, “it would be a mistake to be under-invested or zero-invested in blockchain and cryptocurrency.”