Despite Bitcoin’s recent troubles, Anthony Scaramucci, the CEO of Skybridge Capital, still believes it will reach as high as $100,000 by the end of the current year. He made these comments during a recent interview with CNBC.
Scaramucci’s comments come as Bitcoin has struggled for the better part of the past two months. The price index has fallen below $55,000 multiple times due to significant selling pressure in the market, which is largely attributed to Mt. Gox repayments and German government liquidations.
Scaramucci Remains Unfazed
According to the former White House Head of Communications, Bitcoin could easily reach triple digits within the next few months. This would be a significant price breakout, considering the digital currency is currently languishing below $60,000.
“We still love the fundamentals of Bitcoin long-term. And I do think, as I said, it’ll be $170,000 post-halving, but I think you can get to $100,000 by year-end, but it has to chug through this slog right now.”
FTX Settlement to Kickstart the New Price Rally?
Scaramucci is especially big on the FTX settlement, worth $16 billion, which positively impacts the crypto market. The defunct exchange will pay this huge amount in cash to its affectees in the form of fiat, and one can expect that a large chunk of it will find its way back to the crypto market.
“FTX is going to be releasing shortly $16 billion roughly of cash to investors that had their accounts at FTX. And so that’s very good news for Bitcoin holders.”
Scaramucci’s Big Crypto Bet
“The Mooch” is known for making bullish statements about cryptocurrencies. However, he is also known for his flamboyant lifestyle and outspoken personality. His White House tenure during the Trump presidency was a turbulent rollercoaster ride that ended with him being fired in less than a month. Since then, he has transitioned away from politics and back into the investment world, where he has enjoyed some success. He has also urged US President Biden to allow unimpeded crypto ownership in the country.
Skybridge Capital, heavily invested in the digital currency economy, is unlikely to back down. Neither are some of the big investment firms looking to capitalize on the highly anticipated 2024-2025 bull market. This is why, despite the recent “sell-the-news” situation, the digital currency will likely have steady demand from major players, limiting any potential price downturn.