Skybridge Capital’s Anthony Scaramucci has recently made a bold forecast, suggesting that Bitcoin‘s price could soar to at least $170,000. Aligning with historical trends, he bases his ambitious prediction on the cryptocurrency’s performance following its halving event—a process that slashes the reward for Bitcoin mining by half. Amid the current market dynamics, where Bitcoin’s daily production is significantly outstripped by demand, Scaramucci argues that a substantial price surge is plausible.
Bitcoin’s Projected Trajectory
In an interview with Bloomberg Television, Scaramucci supported his prediction with a formula derived from Bitcoin’s past behavior. He asserts that typically, the cryptocurrency’s value multiplies fourfold from its worth at the time of a halving event, reaching a new peak in the ensuing cycle. The hedge fund manager used a base figure of $50,000 at the last halving in April to arrive at his current estimate.
Issues with Ethereum ETFs
Further, Scaramucci anticipates regulatory hurdles for Ethereum exchange-traded funds (ETFs) in the United States. He predicts that the Securities and Exchange Commission (SEC) will deny applications to launch spot Ethereum ETFs, triggering a legal confrontation. He suggests that the SEC’s current stance on cryptocurrencies could lead to a lawsuit that the agency is likely to lose, especially as political shifts loom with upcoming elections.
Bitcoin’s value hovers around $51,804, facing a slight downturn within the last day. Despite the recent dip, Scaramucci’s statement reflects growing optimism among certain investors regarding the future value of cryptocurrencies.
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