Another bullish Bitcoin price prediction is here. The founder of investment firm SkyBridge Capital, Anthony Scaramucci, believes that BTC will reach a price of $500,000 in the next four or five years. This, according to the financier, will be made possible by crypto’s global popularity in this timespan. He goes on to say that Bitcoin cannot currently be considered an inflation hedge.
During an interview with Kitco News, Anthony Scaramucci said:
“I ultimately think that Bitcoin will be worth half a million dollars, and it will take four to five years. The ride will be rocky, but it will certainly be worth it.”
Scaramucci before this said that anyone who knows the potential of Bitcoin, starts investing in it.
Adoption is the key factor for Bitcoin price
The rapid expansion of the Bitcoin network to handle more users, according to the former White House director of communications, will drive this 14x rise from current levels. Scaramucci, along with a Bitcoin price prediction of $500,000, also expects that more than a billion Bitcoin wallets will exist on the system in the next five years.
In contrast to popular belief, Scaramucci stated that he does not consider BTC to be an inflation hedge at this time. Instead, he believes that if Bitcoin gets more widely used, it will evolve into a store of value and inflation hedge.
Scaramucci is the most recent addition to the list of long-term Bitcoin bulls. This week, Cathie Wood’s ARK Invest issued a highly positive price forecast for BTC. According to the investment managers’ research, it might reach a price of over $1 million by 2030.
While there are many bullish long-term price projections for Bitcoin, the king coin has had a slow start in 2022. It is down roughly 20% year to date as the market reacts to a number of negative reasons, including fears of the Federal Reserve tightening its monetary policy. The altcoins have also witnessed a bloodbath, with more than $600 billion in market capitalization being wiped out. Regardless, numerous analysts believe the downturn is a great time to buy.
The Switzerland-based Seba Bank CEO recently predicted that Bitcoin price will hit $75,000 mark in 2022 while co-founder and managing partner of Nexo, Antoni Trenchev said that it will breach $100,000 level by mid-2022.