Skybridge Expects Bitcoin to Reach $300K in 6 Years — ‘You Are Going to See a Lot More Commercial Activities’ – Markets and Prices Bitcoin News

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 could reach $300K in six years, urging investors to “just relax” and “stay long-term.”

Skybridge is optimistic about Bitcoin and Ethereum

Anthony Scaramucci, founder and managing partner at global asset management firm Skybridge Capital, shared his firm’s outlook for bitcoin and ethereum in an interview with CNBC Friday.

Replying to a question about whether the crypto winter is over, he said: “I want to caution people to see through the current environment,” citing better-than-expected economic data such as inflation and unemployment numbers released last week.

“The crypto market, it’s our belief that most of the leverage is completely out of that system. So you are seeing a very strong recovery,” the Skybridge founder described, elaborating:

This is an opportunity to remind investors to not pull out.

“We hit pause. This was caused by the pandemic. Inflation was caused by the infusion of large sums into the system, and the disruption to supply chains. But you could very well get back to that fourth quarter 2019, which was a very strong economy — low unemployment and benign inflation. That’s probably 6 to 12 months away. I think the market is starting to realize that,” he detailed.

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 Lightning network, the increase in applications, and ease of transactions on bitcoin,” noting:

There will be a lot more commercial activity.

Meanwhile, “You have The Merge coming with Ethereum, which is going to lower the transaction fees on that network. A lot of traders are probably buying that rumor … They’ll probably sell on the news of The Merge, which will happen in mid-September,” he said. “I would caution people not to do that. These are great long-term investments.”

Skybridge founder:

If we’re right, bitcoin will reach $300,000. It doesn’t matter if you buy it for $20,000 or $60,000. It’s really not going to matter.

“And I am just cautioning people, the future is upon us. It’s happening sooner than I thought,” he continued.

Scaramucci then referenced Blackrock, the world’s largest asset manager, which recently launched a bitcoin private trust, citing “significant” demand from some institutional investors. “Finally, Larry Fink [the CEO of Blackrock]It is seeing institutional demand. Otherwise, he wouldn’t be setting up those products and teaming up with Coinbase,” the Skybridge founder opined. “When this stuff happens, I want to remind people that there’s only 21 million bitcoins out there, and you will have a demand shock with very little supply.”

Earlier this month, Scaramucci said that bitcoin’s fair market value is $40K and ethereum’s is $2,800. In March, he doubled down on his firm’s predictions that bitcoin would reach $100K by the end of this year and $500K long-term.

Scaramucci is discouraging people from investing based on emotion, noting that the message he is trying to send investors is “see through this.”

“If you are out of the market for the 10 best days, you reduce your return from like a 7.5% return to a 2% return. That is the overall stock market,” he said. “There’s a lot of short-term people, a lot of research departments, and different wirehouses that have knee-jerk reactions to things and get overly emotional.”

While emphasizing, “We are trying to tell people, just relax, see through this,” Scaramucci remarked:

Over the next twelve to 24 months, we see bitcoin, algorand, solana and ethereum in a very positive scenario.

Comment on the Skybridge Capital founder’s remarks? Please 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.

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