Scaramucci Foresees Bitcoin Surging to $170K Post-Halving

• Bitcoin Projected to Reach $170,000 Post-Halving, Says Skybridge Capital Founder
• Bitcoin Halving Cycles
• Price Predictions Post-Halving
• Scaramucci and BlackRock's Bitcoin ETF
• Praise for Larry Fink

Bitcoin Projected to Reach $170,000 Post-Halving, Says Skybridge Capital Founder

Anthony Scaramucci, founder and managing partner at Skybridge Capital, anticipates an increase in Bitcoin$42,260 -0.64%'s value to at least $170,000 following the upcoming halving event in April. This event is significant as the generation of new Bitcoin units diminishes.

Bitcoin Halving Cycles

Speaking on the Scott Melker podcast, Scaramucci directed listeners to previous Bitcoin halving cycles. He observed, The day that Bitcoin halves, multiply it by four [and] 18 months later and it's been uncanny that that's been the price of Bitcoin." He utilises a $35,000 figure at the halving as a conservative estimate.

Price Predictions Post-Halving

Scaramucci further expounds on the potential price surge, stating, 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 will be $240,000,. As for his long-term price target, Scaramucci proposes that Bitcoin could feasibly reach half of the market capitalization of gold, which would bring the price of one coin up to approximately $400,000.

Scaramucci and BlackRock's Bitcoin ETF

Previously, Scaramucci had revealed that he was the inaugural external investor in BlackRock's spot Bitcoin exchange-traded fund (ETF) before its official approval on January 11. In contrast to BlackRock's initial interest in a Bitcoin ETF, its CEO Larry Fink was notoriously doubtful about the asset. However, in subsequent public interviews since his firm filed paperwork for the ETF last June, Fink has shifted his stance, proclaiming himself a big believer.

Praise for Larry Fink

"I'm going to give Larry a lot of credit, because Larry actually did the homework [on Bitcoin]," Scaramucci stated. He applauded Fink for his ability to acknowledge his previous misconceptions regarding Bitcoin, stating, It takes a very smart leader to pridefully say that Bitcoin sucks and then 24 months later say ‘you know what I got this wrong, BlackRock needs to be a part of this.'"

Edited by Jonathan Stoker