During an interview that took place on Monday, Anthony Scaramucci, who works for the hedge fund SkyBridge, predicted that the price of Bitcoin could go above $170,000 in the following year. He attributed this potential surge to the demand for exchange-traded funds that have recently been listed, as well as the upcoming halving event that will take place in April.
Anthony Scaramucci Believes in the Value of BTC at $170,000
The founder and managing partner of SkyBridge made this statement during the Reuters Global Markets Forum, which was held in the Swiss ski resort of Davos. “If bitcoin reaches $45,000 during the halving, which is currently its approximate value, it is projected to reach $170,000 by mid-to-late 2025,” he said.
The halving, which is an event that significantly affects the currency, has a significant impact on the rate at which new bitcoins enter circulation. A substantial part of the overall supply of Bitcoin is determined by a technical process that plays a crucial role.
Scaramucci predicted that regardless of the price on the day of the halving in April, it would increase by four and reach that price within the next 18 months.
Following the approval of spot Bitcoin exchange-traded funds (ETFs) to trade on U.S. exchanges, the price of Bitcoin skyrocketed to more than $49,000 in the previous week. The price, on the other hand, has dropped since then and is currently hovering around $42,000.
Expert Sees No Problem in the Temporary Decline in the Value of BTC
Scaramucci believes that the decline in prices can be attributed to investors shifting their focus from the Grayscale Bitcoin Trust to the newly listed funds. This is the reason why the prices have decreased. In addition to this, it might take approximately eight to ten trading days to observe the effect that these new funds have on those prices.
Top 5 Cryptocurrencies Today:
| Name | Price | 24H (%) |
|---|---|---|
Bitcoin
(BTC)
| $29,078.00
| -3.19% |
Ethereum
(ETH)
| $1,948.11
| -4.71% |
Tether
(USDT)
| $1.00
| -0.03% |
BNB
(BNB)
| $295.60
| -1.51% |
Cardano
(ADA)
| $0.51
| -10.30% |
>> Invest In Cryptocurrencies Now!
An extensive amount of campaigning and a large number of applications from a variety of companies led to the approval of spot bitcoin exchange-traded funds (ETFs) in the United States. For instance, SkyBridge’s application was unsuccessful in 2022.
Skybridge has made public its intention to launch a new fund that will combine investments in digital asset-focused venture capital with investments in cryptocurrency tokens when it is finally launched. The potential for the fund to achieve strong performance, particularly in the field of structured credit, was something that Scaramucci expressed confidence in before.
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