Skybridge Capital (SC) founder Anthony Scaramucci believes Bitcoin (BTC) could hit $500,000 in the long run. This is an extremely bold prediction considering how many analysts have been predicting the crypto’s downfall lately. Nonetheless, Scaramucci, a well-known Bitcoin bull, said he expects BTC to print $100,000 by the end of this year.
“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,” the former hedge fund investor said in an interview to Magnifi by TIFIN.
It should be noted that Scaramucci’s prediction that bitcoin would reach $100,000 by the end of last year didn’t materialize. Instead, after blowing past its all-time high of $68K, BTC tumbled to the $40,000 level.
However, after admitting to the fact he said that he didn’t appropriately assess the regulatory environment after the SEC approved bitcoin futures ETFs. The relatively new investment product allows investors to hold BTC without having to worry about buying and storing the digital currency themselves.
“I thought once you had the bitcoin futures [ETFs], you’d end up with the cash pretty immediately. Too much political headwind for that,” Trump’s former White House director of communications explained.
$500K per Bitcoin
Scaramucci also commented about the price of bitcoin long-term, reiterating his previous $500k per coin prediction.
“[If] you’re willing to zoom out and look at the long-term chart and look at the adoption story, could bitcoin get to half a million dollars a coin? I believe it will.”
During the interview, the SC founder was also asked what he’d do if he were an average investor who has not invested in crypto.
Scaramucci said he believes that if you’ve never invested in crypto, then it is a good idea to just buy some. But he also says people should become more educated about the industry and its volatility aspect before taking such an important decision with their hard earned money.
“The only way you can handle technology like this is to dollar-cost average and buy a little every month,” Scaramucci advised.
Price Action
Bitcoin trading around $38,709 as of 5:30 a.m. pacific time. The apex cryptocurrency is up 0.11% during the last 24 hours.
h/t: Benzinga
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