Skybridge Capital Founder Doubles Down on $100K Bitcoin Prediction — Expects BTC to Reach $500K Long-Term – Markets and Prices Bitcoin News

Skybridge Capital’s founder, Skybridge Capital, has doubled his predicted $100K bitcoin price. In the long-term, he believes bitcoin will reach $500K per coin. “But we’ve got some work to do here from a regulatory perspective,” he stressed. An executive advised the average investor how to get into bitcoin.

Skybridge Capital’s Founder on Bitcoin Price

Anthony Scaramucci is the founder of Skybridge Capital Investment Management. He spoke to Melissa Francis about Friday’s future outlook on bitcoin in an interview for Magnifi by TIFIN.

Scaramucci anticipated that the BTC price would rise to $100,000 by the end last year. However, he admitted that he “did not assess the regulatory environment appropriately” after the U.S. Securities and Exchange Commission (SEC) approved bitcoin futures exchange-traded funds (ETFs).

“I thought once you had the bitcoin futures [ETFs], you’d end up with the cash pretty immediately. Too much political headwind for that,” he explained. BTC plummeted to $40,000 after hitting $68,892 (an all-time high) based data from Bitcoin.com Markets.

Skybridge Capital founder however believes bitcoin may reach $100,000 by this year. He said:

Is it possible to get there in this year’s? Yes. It is possible to do it in two years. I’m very confident of that. But we’ve got some work to do here from a regulatory perspective.

“We got to get the markets to calm down a little bit. We’ve got to get through Covid. But it’s not going anywhere,” he stressed.

How an Average Investor Should Get into Bitcoin

Skybridge Capital founder also answered a question about what he would buy if an average investor had never invested in cryptocurrency. “I would buy some,” he promptly replied. However, he added, “I would average in.”

Scaramucci cautioned that there would be volatility but also said:

Technology like this can only be managed by buying a small amount each month at a dollar cost average.

Regarding what percentage of a paycheck an average investor should put into bitcoin, Scaramucci advised: “I would pick a number that you are comfortable with and buy a little every month.” He recommends putting between 1% and 4%.

“I put 4% of Skybridge money into bitcoin,” he shared. “I started off with a 4% cost position … If you talked to me at the peak, it ended up being 22%,” he detailed, adding that it then “traded down to about a 15% position.”

He continued: “I think you’ve got to be part of that. I think it would be a mistake to be under-invested or zero-invested in blockchain and cryptocurrency.”

$500K per Bitcoin

Scaramucci commented also on the potential high price bitcoin might reach in the long-term, repeating his prediction of BTC reaching $500,000 per coin.

Noting that “This is early adopting technology,” the Skybridge Capital executive warned: “This will be very volatile. There’ll be periods of time where bitcoin will crash, down 50 plus percent.” Nonetheless, he emphasized:

But if you’re willing to zoom out and look at the long term chart and look at the adoption story, could bitcoin get to a half a million dollars a coin? It will, I think.

Scaramucci is a long-time bitcoin bull. In November last year, he encouraged investors to start buying BTC, stating: “This is very, very early for people … I’m trying to do my best to explain to them why they need to own this right now.”

What do you think about Scaramucci’s advice? Leave your comments below.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.