Skybridge Capital’s founder says bitcoin “will easily trade at $500,000 a coin,” noting that investors should buy some right now, even at the current price. “I’m trying to do my best to explain to them why they need to own this right now,” he said, emphasizing that we are still “very, very early.”
‘These Coins Will Easily Trade at $500K a Coin’
Anthony Scaramucci is the managing partner and founder of Skybridge Capital in New York City. He spoke out on Friday about the U.S. Economy, Inflation, and Bitcoin. Scaramucci was briefly the White House director for communications in July 2017.
Scaramucci was asked about his advice to people buying bitcoin for the current $64,000 price. Scaramucci promptly replied, “no question about that.”
At the current BTC price level, he said, “I still believe we are very, very early.” He noted that if Ark Invest CEO Cathie Wood is correct and there are “a billion wallets at the end of 2024 into the middle of 2025,” he expects:
They can easily be traded at $500,000 per coin. Remember, you don’t even have enough bitcoin for every millionaire in our society to earn one coin.
Wood’s prediction that bitcoin would be worth $500K doubled in September. “If we are right and companies continue to diversify their cash into something like bitcoin, institutional investors start allocating 5% of their funds into … bitcoin, or other crypto,” she said, “We believe that the price will be tenfold of where it is today … over $500,000.”
“JPMorgan said there are 49 million millionaires based on U.S. dollar fiat currency,” Scaramucci added. “You don’t even have enough [for each millionaire]. So, for me, I think this is a very scarce property.”
He further explained that given rising inflation fears: “I’m telling people to own a little bit of bitcoin because that’s offering you an adaptive technology that’s evolving. And the second thing that it’s offering you is a potential inflation hedge.” He continued:
For many, this is still very much in the early stages. And 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.
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