According to Anthony Scaramucci, founder of Skyridge Capital, Bitcoin may reach the $ 100 thousand level this year.
Scaramucci, who has been known as a Bitcoin bull for a long time, says that the rise in Bitcoin will continue and attributes this to 3 reasons.
100 thousand dollar level
Anthony Scaramucci suggests that Bitcoin is on track to nearly double current levels this year, despite the sharp sell-off in crypto, Insider Jennifer Sor reports.
Scaramucci says he sees a number of bullish factors ahead for Bitcoin, adding that the cryptocurrency market's most voluminous coin is still on track to reach $170,000 despite its 17 percent drop last month and could potentially surpass $100,000 by the end of the year.
“We still like the fundamentals of Bitcoin over the long term,” adds Scaramucci, who points to three positive catalysts for crypto. Here are the 3 factors that Scaramucci sees as the catalyst for the rise…
FTX and Mount Gox payments will return to the market
Scaramucci says Bitcoin investors may be on the receiving end of the current wave of crypto payments and will likely return a significant portion of it to the market. Mount Gox, the defunct cryptocurrency exchange that failed 10 years ago, has already begun repaying $9 billion in debt to creditors and customers, Mount Gox said last week.
FTX, the crypto exchange that crashed and disrupted the digital asset market in 2022, also plans to refund most of its depositors in full. This is thought to mean that around $16 billion of crypto money could return to investors.
Scaramucci estimates that around 40 percent to 50 percent of payments could be reinvested in crypto, based on the loyalty enjoyed by many 'loyal' early Bitcoin investors. As for FTX customer deposits, Scaramucci says: “The majority of this was in Bitcoin, it was frozen during the bankruptcy, unfortunately it was dollarized at low numbers for Bitcoin, but soon these will return to account holders and we think most of them will be added to the market.”
Bitcoin is becoming increasingly popular
Lawmakers have introduced a bill that establishes a regulatory framework for crypto. Scaramucci says this is a hopeful sign that Bitcoin is becoming a more widely accepted store of value, which bodes bullish for the long-term trajectory.
“At this point, prominently in the GOP platform is the protection of digital assets, and specifically the protection of Bitcoin,” Scaramucci said. “To me, this is a huge sign that Bitcoin will be an acceptable long-term asset class in the US,” he says.
Selling pressure will eventually subside
Scaramucci underlines that Bitcoin's price fell partly due to temporary selling pressure. “For example, the Bitcoin halving event increased selling pressure among miners trying to keep their profits afloat, while Mount Gox refunds increased selling pressure from investors regaining access to their crypto investments,” Scaramucci says.
The German government also released several hundred million worth of crypto after law enforcement seized approximately $2.2 billion worth of Bitcoin from a movie piracy site in 2024. The government sent another $155 million worth of Bitcoin to various crypto exchanges and market makers on Monday, according to data from blockchain analysis site Arkhan Intelligence.
Scaramucci states that selling pressure will most likely decrease. This is in line with other crypto forecasters who predict that the cryptocurrency will rebound from its decline in the coming months as sellers pull back.
Although Bitcoin rose slightly today and jumped to around $ 59,500, it has not been able to hold on to that level yet. Despite the recent sales, the cryptocurrency exchange's most voluminous currency is still 29 percent higher than the levels at the beginning of the year, indicating that the upward trend among risky assets is still present.
