Skybridge predicts that Bitcoin will reach $300,000 in six years — ‘There Will Be A Lot More Commercial Activity.’
Skybridge Capital believes bitcoin and ethereum will rise in value over the next 12 to 24 months. The founder of the global asset management business said that the world’s biggest cryptocurrency may reach $300,000 in six years, advising investors to “simply relax” and “remain long-term.”
Skybridge Is Upbeat About Bitcoin and Ethereum
In an interview with CNBC on Friday, Anthony Scaramucci, founder and managing partner at global asset management company Skybridge Capital, discussed his business’s forecast for bitcoin and ethereum.
In response to a query regarding whether or not the crypto winter has ended, he said, “I want to advise people to look through the present climate,” noting better-than-expected economic indicators such as inflation and unemployment figures reported last week.
“We believe that the majority of the leverage is fully out of that system in the crypto market.” So you’re seeing a really robust comeback,” Skybridge’s founder said, adding:
It serves as a reminder to investors not to sell, to combat their own anxiety, to be patient, and to think long-term.
“We pressed the pause button. This devastation was caused by the epidemic. We put a lot of money into the system, which produced some inflation and certainly disrupted the supply chain. However, you may very easily return to the fourth quarter of 2019, when the economy was really robust, with low unemployment and benign inflation. That is most likely 6 to 12 months away. “I believe the market is catching on,” he said.
He said that Skybridge’s biggest crypto investments are in bitcoin and ethereum, and that the business also loves solana and has a “very substantial stake” in algorand.
Scaramucci noted “the strengthening of the Lightning network, the rise of apps, and the convenience of transactions on bitcoin” in his prediction for bitcoin particularly, noting:
There will be a lot more business activity there.
Meanwhile, “The Merge with Ethereum is imminent, which will reduce transaction costs on that network.” Many traders are undoubtedly believing the rumor… “They’ll most likely sell on the announcement of The Merge, which will take place in mid-September,” he said. “I would advise others against doing so. These are outstanding long-term investments.”
The Skybridge founder emphasized:
If we are correct, bitcoin will reach $300,000 in the next six years, regardless of whether you purchased it for $20,000 or $60,000. It won’t make a difference.
“And I’m simply warning folks that the future is upon us.” “It’s occurring sooner than I expected,” he said.
Scaramucci went on to mention Blackrock, the world’s biggest asset management, which just created a bitcoin private trust, claiming “substantial” demand from institutional investors. “Finally, Larry Fink [CEO of Blackrock] recognizes institutional need.” Otherwise, he wouldn’t be launching those businesses and collaborating with Coinbase,” Skybridge’s creator believes. “When this thing occurs, I want people to remember that there are only 21 million bitcoins in circulation, and there will be a demand shock with very little supply.”
Scaramucci said earlier this month that bitcoin’s fair market value is $40K and ethereum’s is $2,800. In March, he reiterated his firm’s projection that bitcoin will hit $100,000 by the end of the year and $500,000.
Scaramucci discourages individuals from buying based on emotion, stating that the message he wants to give investors is to “look through this.”
“If you are not in the market for the ten best days, you lower your return from 7.5% to 2%.” That is the general stock market,” he said. “There are a lot of short-term employees, research departments, and wirehouses who have knee-jerk responses to things and get extremely emotional.”
“We’re trying to encourage folks, just relax, see through this,” Scaramucci said, emphasizing:
Over the next 12 to 24 months, we expect bitcoin, ethereum, solana, and algorand to do well.