Anthony Scaramucci Tips Bitcoin to Soar To $8M

Ahead of the halving events scheduled for this April, legendary investor Anthony Scaramucci has made waves with his bold price prediction for Bitcoin (BTC), projecting that it will hit ten times the current market value in the long term.

He predicts 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.

Halving Events and Bitcoin’s Price Trajectory

Scaramucci, in an interview with CNBC, maintained that the impact of the halving event was yet to be reflected in Bitcoin’s price. On the price target, he forecasts Bitcoin valuation to rise as much as 10 times from the current level.

According to Scaramucci, “BTC has a lot more to go. “I’m simply saying it should trade to half of the valuation of gold, which is a six to eight, ten times move from here.”

Drawing parallels with gold’s market capitalization, the investors note 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 as a Store of Value

Although he acknowledged Bitcoin’s inherent volatility and cyclical nature, Scaramucci remains bullish on its long-term prospects. He predicts that given the increased demand for digital assets and global adoption, there is a huge possibility of hitting a price target of $170,000 in the current market cycle.

Scaramucci envisions Bitcoin evolving into a digital store of value comparable to gold, with the potential for its market capitalization to reach half of gold’s valuation. This ambitious projection implies a six to tenfold increase in Bitcoin’s price, signaling a meteoric rise in the cryptocurrency’s value. Bitcoin was recently ranked the eighth-largest asset globally ahead of silver.

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.

Cautious Optimism Amidst Skepticism

The BTC advocate maintains that Bitcoin’s limited supply and decentralized nature position it as a reliable asset amidst growing fiscal challenges. He recommends it as a hedge against inflation and economic uncertainty. Scaramucci has remained consistent since 2021 in advocating for Bitcoin which he considers as “digital gold.”

Experts agree that there has been widespread adoption of Bitcoin and this could drive up the price of BTC. However, they remain circumspect about Scaramucci’s bullish outlook that projects BTC to a whopping $8 million.