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SkyBridge Capital Founder Predicts Bitcoin Price to Reach $170,000

SkyBridge Capital founder Anthony Scaramucci expects Bitcoin to reach at least $170,000 within the 18-month post-halving cycle. This prediction comes amid a surge in interest and investment in the cryptocurrency market.

In a recent interview with CNBC, Scaramucci shared his positive outlook on Bitcoin’s future. He highlighted the rapid growth of Bitcoin ETFs, which have seen over $10 billion in inflows in just three months. This impressive achievement surpasses the pace at which Gold ETFs attracted capital, indicating a significant shift in investor sentiment toward digital assets.

The depreciation of the USD by nearly 22% since the beginning of 2020 has been a driving factor for Bitcoin’s growth, according to Scaramucci. He noted that Bitcoin’s value has surged by over 800% during this period, despite experiencing high levels of volatility. For long-term holders, these fluctuations have resulted in substantial returns on investment.

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Scaramucci views Bitcoin as a viable long-term asset rather than just a short-term hedge against inflation. He believes that, as a technical asset, Bitcoin has the potential to achieve a market valuation comparable to that of gold, possibly reaching $170,000 by the end of the current cycle.

“Bitcoin is a cyclical product. It goes through peaks and troughs, typically surging by a factor of four within 18 months of the halving event. Even with a conservative approach, we could still see Bitcoin hitting $170,000 in this cycle.”

– Anthony Scaramucci, Founder of SkyBridge Capital

Scaramucci also touched upon the recent legal issues faced by Sam Bankman-Fried, the founder of FTX exchange. Despite FTX’s past involvement with SkyBridge Capital, Scaramucci expressed regret over Bankman-Fried’s situation and the impact it had on their partnership.

FTX’s bankruptcy in November raised concerns within the cryptocurrency community, with Scaramucci emphasizing the importance of legal compliance and transparency in the industry. He noted the complexities of the legal process and the implications of not addressing legal matters proactively.

“He damaged my business, tarnished my reputation, and misled many individuals. However, from a clinical standpoint, he appears to be a troubled individual. While restitution is possible, the devaluation of assets has caused discontent among stakeholders.”

– Anthony Scaramucci, Founder of SkyBridge Capital

AI legalese decoder can provide valuable insights into legal proceedings related to cryptocurrency investments, helping investors stay informed and protected. By analyzing legal documents and court rulings, the platform can assist in understanding the implications of legal actions and potential outcomes.

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