- Hedge fund manager Scaramucci predicts Bitcoin could reach $170,000 post-halving.
- BlackRock’s CEO initially dismissed Bitcoin as a “stupid asset” that “sucks,” reveals Scaramucci.
- Scaramucci’s calculation multiplies Bitcoin’s price at the time of halving by four 18 months later.
In a recent interview, Anthony Scaramucci, founder of SkyBridge Capital, made a bold prediction regarding Bitcoin’s price post-halving, suggesting it could soar to $170,000.
Scaramucci’s assertion is based on a data-driven analysis of Bitcoin’s historical price patterns following halving cycles. He emphasized a simple yet compelling analysis:
“Go back and look at Bitcoin halving cycles the day that the Bitcoin halves, multiply it by four 18 months later, and it’s been uncanny that that’s been the price of Bitcoin.”
“I’m using a $35,000 number at the halving, and that’s conservative… Let’s say we’re at $50,000 in April, then it’s a $200,000 handle. Let’s say we’re at $60,000; it’ll be $240,000,” Scaramucci said.
At the time of writing, BTC has surpassed $43,000, recovering from fluctuations since the launch of spot Bitcoin ETFs. Its current market capitalization stands at around $850 billion, with a circulating supply of around 19.61 million BTC.
Additionally, Scaramucci emphasized Bitcoin’s potential to eventually reach half the market capitalization of gold, projecting a price target of $400,000 per Bitcoin. He explained, “Gold now [is] at about $14.5 trillion. If Bitcoin goes to $7 or $8 trillion, that’s a 10x from here.”
Interestingly, Scaramucci also disclosed that BlackRock‘s CEO Larry Fink initially held negative views on Bitcoin, referring to it as a “stupid asset” that “sucks.” Fink’s perspective, however, shifted after deep dives into Bitcoin’s technology, prompting BlackRock’s investment in Bitcoin-related ventures.
Scaramucci commended Fink, stating, “It takes a very smart leader to pridefully say that Bitcoin sucks and then 24 months later say, ‘You know what? I’ve got this wrong. Black Rock needs to be a part of this and BlackRock needs to have a significant stake in it.’”
Fink’s change of heart, according to Scaramucci, demonstrates a deeper understanding of Bitcoin’s value proposition and its role as a store of value and a flight-to-quality asset.
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