Anthony Scaramucci, founder, SkyBridge Capital, explained that Bitcoin will reach $300K in six years
Anthony Scaramucci, founder, SkyBridge Capital, is reportedly financing a crypto company that was established by FTX US’ previous president, as reported by Cointelegraph. Skybridge Capital is “pretty optimistic” about bitcoin and ethereum over the next 12 to 24 months. The global asset management firm’s founder explained that the world’s largest cryptocurrency Bitcoin will reach $300K in six years, urging investors to “just relax” and “stay long-term.”
According to Cointelegraph, the unnamed crypto software company aims to support crypto traders to develop algorithmic-oriented strategies. It is believed that the initiative aims to create linkage with centralized and decentralized markets. Reportedly, Brett Harrison, former president, FTX US, has kept a fundraising target worth $10 million for a $100 million valuation. Through a January 14, 2023, tweet, Scaramucci expressed his desire and him being “proud” to invest in Harrison’s new company.
Cointelegraph noted that Scaramucci has expressed hopes around crypto market recovery, elaborating 2023’s market outlook as a “recovery year.” “You are taking on risk but you’re also believing in [Bitcoin] adoption. So, if we get the adoption right, and I believe we will, this could easily be a fifty to one hundred thousand dollar asset over the next two to three years,” Scaramucci said.
Bitcoin will reach $300K?
Skybridge’s largest crypto positions are in bitcoin and ethereum, he noted, adding that the firm also likes solana and has “a very large position” on algorand. Sharing his outlook for bitcoin specifically, Scaramucci described “the improvement of the Lightning network, the increase in applications, and ease of transactions on bitcoin,” noting:
You are going to see a lot more commercial activities there.
Bitcoin Price Prediction
Before you decide whether Bitcoin is a good investment or not, you should know that all Bitcoin price predictions are speculative. That said, these predictions are educated guesses because they are based on a mix of fundamental and technical analysis.
Most cryptocurrency market analysts believe that Bitcoin could go up in 2023. The average Bitcoin price prediction for 2023 is $30,000. However, it is more long-term that analysts expect Bitcoin to do well. For instance, analysts expect Bitcoin to trade at $200k or more in 2025.
Bitcoin is considered as the digital Gold of modern times. Since 2009, many cryptocurrencies have come into existence to profit off of Bitcoin’s success. There are currently 20,000+ cryptocurrencies in existence, but only a handful of cryptos are popular. However, since day one, Bitcoin is the king of all cryptos.
Cryptocurrency’s future outlook is still very much in question. Proponents see the limitless potential, while critics see nothing but risk. Managing the risk is the first thing to think of. All investors who are going to work with cryptocurrency today must understand what the currency is about and have a clear plan of action for all sorts of scenarios.
So, Is Bitcoin a good investment?
Bitcoin being the first-ever successful cryptocurrency, gained traction faster than the rest. This has seen it gain traction, especially at institutional levels. This means it could gain value over time.
At its core, the value of bitcoin is determined by its inherent scarcity. Like Gold, it is a limited resource: only a finite supply of bitcoin can be mined and traded on the market, which means that its price will likely continue to rise as demand grows. This has made it extremely attractive to investors eager to get in on the increasingly lucrative cryptocurrency market.
Bitcoin’s unique combination of scarcity and utility will keep investors coming back for more. And as long as that demand continues to grow, so will the profits generated by trading this increasingly valuable commodity.
Below are some of its core use cases to give you a better idea of how good Bitcoin is as an investment.
- Bitcoin can be used for everyday payments. This is done peer-to-peer, so the payment cannot be controlled by any government.
- Thanks to its scarcity, Bitcoin could become a store of value, just like Gold.
- Bitcoin’s decentralized nature makes it perfect as a store-of-value cryptocurrency.
