Anthony Scaramucci, CEO of SkyBridge Capital and a seasoned hedge fund manager, recently projected that Bitcoin’s value may soar to a staggering $200,000 by the year 2024. This optimistic forecast is tied to the cryptocurrency‘s upcoming halving event, scheduled for April of the same year, which is set to reduce the rewards for Bitcoin miners by fifty percent.
Implications of the Bitcoin Halving
Scaramucci’s bold prediction draws from the past performance of Bitcoin after similar events. He asserts that based on the digital currency’s 14-year history, its value has shown a consistent pattern of quadrupling post-halving. With Bitcoin’s current value hovering around $63,000, he envisions a significant surge following the halving, potentially reaching the $200,000 mark.
Recent Bitcoin Price Momentum
As of now, Bitcoin has reclaimed strength to surpass the $63,000 threshold. This represents an 8.4% increase over the last day and a substantial 40% growth since the commencement of February. Scaramucci points to the limited supply of Bitcoin in the market as a primary factor for this uptick. Further, he notes that the inflow of Bitcoin through spot exchange-traded funds (ETFs) is outpacing the network’s daily production by a factor of 12 to 14.
This discrepancy between supply and demand is generating upward pressure on Bitcoin’s price. Scaramucci opines that those who remain skeptical or are betting against Bitcoin are finding themselves in a precarious situation due to this dynamic. He believes that it is this supply-demand imbalance that is contributing to the notable price ascension observed in recent times, marking a strong rebound for Bitcoin following a substantial dip.