Dan Bergin
Skybridge Capital founder believes Bitcoin will recover despite price fluctuations
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Legendary investor Anthony Scaramucci has shared his thoughts on the future price of Bitcoin in regards to the halving event that took place this Friday.
In a recent appearance on Wealthion, the longtime crypto supporter said that big demand for Bitcoin has been created by investors buying into ETFs like BlackRock and Cathie Wood's fund. However, he emphasized that the network produces only 450 coins per day.
This demand often causes prices to rise, but after the halving, prices usually fall. Scaramucci explained that many short-term Bitcoin holders sell after making a profit, while new investors enter the market.
He cited Bitcoin's strong performance over the past 14 years as proof of its value and emphasized his personal strategy of holding Bitcoin for the long term regardless of price fluctuations.
“I don't care if it goes down. If you sit and hold it, it will automatically come back up. That's what's happened for the last 14 years with Bitcoin. It's the best-performing asset in the world as far as we know. .”
“Join this revolution”
Scaramucci advised people not to view Bitcoin as a lottery ticket due to its volatility, but encouraged people to invest in Bitcoin to join the revolution. He recommended starting with a small investment to understand Bitcoin's technical characteristics and experience the excitement involved in the cryptocurrency space.
“Don't think of this as a lottery. It's volatile, so be careful. But start from zero and join this revolution. I always tell people: Once you buy a little bit, you start paying attention to its technical characteristics. Then you get excited about your purchase,” Scaramucci said.
Up to $8 million in Bitcoin
Previously, Scaramucci expressed His stance on future BTC price. He predicts the potential valuation could rise up to 10 times from current levels, reaching $6 million to $8 million.
Despite this optimistic prediction, Scaramucci said that Bitcoin is not currently a strong inflation hedge or a fully established store of value. He attributed this to Bitcoin's relatively low global penetration rate, suggesting that major changes will not occur until Bitcoin attracts at least 1 billion users, which he expects to happen around 2026. We expect that this goal will be achieved.
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Dan Bergin
