Bitcoin Could Hit $170K In 18 Months, Says SkyBridge Founder

Anthony Scaramucci, the founder of SkyBridge Capital, has boldly forecasted Bitcoin price after the next halving cycle. He claims that Bitcoin could reach $170,000 within 18 months of the halving, based on a simple mathematical formula.

Scaramucci’s prediction is derived from a data-driven analysis of Bitcoin’s historical price patterns following halving cycles. He explained his logic in a recent interview:

“Go back and look at Bitcoin halving cycles the day that the Bitcoin halves, multiply it by four 18 months later, and it’s been uncanny that that’s been the price of Bitcoin.”

“I’m using a $35,000 number at the halving, and that’s conservative… Let’s say we’re at $50,000 in April, then it’s a $200,000 handle. Let’s say we’re at $60,000; it’ll be $240,000,” Scaramucci said.

The halving cycle refers to the process of reducing the reward for mining new blocks on Bitcoin’s network by half every four years. This creates deflationary pressure on the supply of Bitcoin, which increases its scarcity and value. The last halving occurred in May 2020, when the reward dropped from 12.5 to 6.25 bitcoins per block.

Since then, Bitcoin has experienced a remarkable rally, reaching new all-time highs above $43,000 as of today. Its market capitalization has surpassed $850 billion, with a circulating supply of around 19.61 million BTC.

Bitcoin Potential To Rival Gold

Scaramucci also expressed his confidence in Bitcoin’s long-term potential to reach half the market capitalization of gold, implying a price target of $400,000 per Bitcoin. He said:

“Gold now [is] at about $14.5 trillion. If Bitcoin goes to $7 or $8 trillion, that’s a 10x from here.”

He attributed Bitcoin’s appeal to its role as a store of value and a flight-to-quality asset, especially in times of economic uncertainty and inflation. He also cited the growing adoption of Bitcoin by institutional investors and mainstream platforms, such as PayPal and Square.

BlackRock’s CEO Changes His Mind On Bitcoin

One of the notable examples of Bitcoin’s increasing acceptance is BlackRock, the world’s largest asset manager. Scaramucci disclosed that Larry Fink, CEO of BlackRock, initially brushed off Bitcoin, labeling it as a “foolish asset” that he deemed unimpressive. However, after learning more about Bitcoin’s technology and potential, Fink changed his mind and decided to invest in Bitcoin-related ventures.

Scaramucci praised Fink for his intellectual honesty and leadership, saying:

“It takes a very smart leader to say that Bitcoin sucks pridefully and then 24 months later say, ‘You know what? I’ve got this wrong. Black Rock needs to be a part of this, and BlackRock needs to have a significant stake in it.’”

Fink’s reversal, according to Scaramucci, shows a deeper understanding of Bitcoin’s value proposition and future prospects.

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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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