Skybridge Capital CEO Anthony Scarramucci says that Bitcoin (BTC) will “easily” attain the $500,000 mark in his view.
Speaking with CNBC, Scarramucci references ARK Invest CEO Cathie Wood’s thesis of Bitcoin adoption exploding in the coming years, pushing the rate up to roughly $500,000.
The hedge fund manager says “If Cathie Wood is correct,” there will be at least a billion Bitcoin wallets someday between 2024 and 2025.
“These cash will effortlessly trade at half a million greenbacks a coin. Remember you don’t even have Bitcoins for each millionaire in our society to hold one coin.”
Scaramucci, a former White House Press Secretary below the Trump Administration, also addressed the warm theme of Bitcoin changing gold as a store-of-value asset. While he predicts gold and Bitcoin will possibly upward push together, he sees BTC getting the more “exponential” beneficial properties while the yellow metallic makes modest increases.
“When you get a technical property where there’s a huge improvement, that has a tendency to eclipse things, and so we had DVDs and we moved to Netflix and streaming. The Satoshi Nakamoto whitepaper basically put us into a new era, and the technical residences related with Bitcoin are infinitely higher than gold. You can pass it costlessly, you can store it surely costlessly, and it has this ledger that is totally missile locked.”
Scaramucci is now not a Bitcoin maximalist either. In September he printed that Skybridge was working on a $250 million fund for Algorand (ALGO). Algorand is an open source proof-of-stake (POS) blockchain that strives to be “carbon negative,” and Scaramucci thinks it should seize the hearts of traditional finance.
ALGO is up 638% on the year, which is clearly quite modest in contrast to other cash like Shiba Inu which are up over eighty million per cent.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.