Anthony Scaramucci Issues $700k Bitcoin Price Prediction

Anthony Scaramucci, the founder of SkyBridge Capital and a well-known investor, has recently predicted that Bitcoin price could reach an astounding value of $700,000 in the foreseeable future. In a recent interview, Scaramucci draws a striking parallel between Bitcoin and gold, emphasizing Bitcoin’s potential to serve as a digital store of value, as gold has historically done.

Bitcoin as a Store of Value

Scaramucci highlights how more institutional investors and major corporations embrace Bitcoin, recognizing its potential to diversify portfolios and hedge against inflation. This growing acceptance accelerates Bitcoin’s integration into the global financial system, which could significantly drive its value. Moreover, Scaramucci pointed out that Bitcoin’s underlying technology, particularly its blockchain, offers unmatched security and transparency. 

These features bolster confidence among investors and provide a foundation for broader applications in various sectors, further solidifying Bitcoin’s position in the market. Beyond engaging in price prediction for Bitcoin, Scaramucci sees Bitcoin exchange-traded funds (ETFs) as a significant catalyst for institutional adoption, drawing parallels between Bitcoin and gold as viable stores of value. 

He also speculates on the eventual recognition of Bitcoin’s value by traditional investors such as Warren Buffett.

Anthony Scaramucci Tips Bitcoin Price to Soar to $8M

In April, the BTC advocate predicted that in the current market cycle, Bitcoin could soar to $170,000 and in the long run, with a six to ten times move, hit the $8 million mark. Drawing parallels with gold’s market capitalization, the investor noted that in the long term, Bitcoin’s valuation will soar to as much as 10 times from its current level.

However, he cautions that the price projections would not occur in the short term. Bitcoin was recently ranked the eighth-largest asset globally ahead of silver. As of the time of writing, Bitcoin is trading at $69,434.42, a 0.04% decrease in the past 24 hours, according to CoinMarketCap.

Vanguard is Skeptical of Bitcoin

Scaramucci’s prediction is not without its critics, as some argue that such projections are overly optimistic given the regulatory uncertainties and potential technological challenges that Bitcoin faces. In March, Tim Buckley, CEO of the Vanguard Group, argued that Bitcoin’s status as a store of value is questionable, pointing to its susceptibility to significant declines during market downturns, such as the stock market crash in 2022.

While Bitcoin reached an all-time high of over $69,000 in 2021, followed by surpassing $73,835 more recently, it also experienced a sharp decline in 2022, dropping to under $16,000. On the other hand, the asset was above $70k, making a new ATH in 2024. This volatility has raised concerns among traditional finance institutions like Vanguard.