In an eye-opening interview, Anthony Scaramucci of SkyBridge challenges the notion that the Bitcoin halving is already accounted for in its current price, predicting a potential surge 6 to 10 times its current value.
His perspective illuminates the anticipated demand increase from physical Bitcoin ETFs and the supply cut from the halving, setting the stage for a promising future for Bitcoin investors.
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SkyBridge Founder Disagrees With the "Priced In" Halving Theory
Anthony Scaramucci, the founder of the American asset management firm SkyBridge, expressed in an interview with CNBC last week that the Bitcoin halving is not yet "priced in." He predicts that BTC could rise 6 to 10 times from its current price.
The cryptocurrency industry is highly anticipating the Bitcoin (BTC) halving, scheduled around April 20, 2024, which will cut the mining reward in half. This has led to expectations of a BTC price increase upon the halving's arrival.
While some experts believe the price impact of the halving is already accounted for, Scaramucci opposes this view, stating, "Bitcoin is just getting started."
They're saying the halving is priced in now, but I don't think so. I believe Bitcoin is just getting started.
Predicted Rise in BTC Price Due to Increased Demand and Decreased Supply
The reason behind Scaramucci's "Bitcoin is just getting started" remark includes the "increase in demand due to the physical Bitcoin ETF and the supply decrease from the halving."
Scaramucci highlighted the significant reason for the Bitcoin rebound as the increased demand for the physical Bitcoin ETF, emphasizing the massive capital inflow into it. He explained, "The gold ETF, GLD, took a year to reach $10 billion, but Bitcoin achieved this in 25% of the time."
He pointed out that the upcoming halving this month would create a significant gap between Bitcoin's demand and supply, stating, "Around April 20, the new issuance of BTC will probably decrease to about 450 coins, while there should be a demand for 2,000 to 3,000 coins."
The Bitcoin network issues about 900 coins a day. Probably by around April 20, that will be cut in half to about 450 coins. When the supply is reduced during the halving, there will likely be a basic demand for 2,000 to 3,000 coins.
How High Will BTC Price Go?
As for how far the bitcoin price could rise, the view that "it could rise to half the valuation of gold" is spoken of, which is explained to mean a rise to six to eight times the current price.
I am simply saying that gold could trade at half its valuation, or up to 6, 8, or 10 times its current price.
This will not happen overnight and will involve significant volatility, but we want investors who join SkyBridge and know us to be part of this story.
He also explained that "typically, in the 18 months after the half-life, the bitcoin price quadruples," and as a conservative price projection, "I've been saying it's around $170,000 this cycle."
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