Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Skybridge Expects Bitcoin to Reach $300,000 in 6 Years – “You’re Going to See Much More Commercial Activity” – Markets & Prices Bitcoin News
Skybridge Capital is “quite bullish” on bitcoin and ethereum over the next 12 to 24 months. The founder of the global asset management firm explained that the world’s largest cryptocurrency could reach $300,000 in six years, urging investors to “just relax” and “go long”.
Skybridge optimistic about Bitcoin and Ethereum
Anthony Scaramucci, founder and managing partner of global asset management firm Skybridge Capital, shared his firm’s outlook for bitcoin and ethereum in an interview with CNBC on Friday.
In response to a question about whether the crypto winter is over, he said, “I would caution people to look through the current environment,” referring to better-than-expected economic data such as inflation and unemployment figures released last week.
“The crypto market, it’s our belief that most of the leverage is completely out of that system. So you’re seeing a very strong recovery,” the Skybridge founder described, elaborating:
It is a reminder to investors not to pull out, fight their own fears, be patient and stay long term.
“We press pause. The pandemic created this chaos. We introduced a lot of money into the system which caused some inflation and obviously disrupted the supply chain. But you could well go back to the fourth quarter of 2019, which was a very strong economy – low unemployment and good inflation. It’s probably 6 to 12 months away. I think the market is starting to realize that,” he detailed.
Skybridge’s biggest crypto positions are in bitcoin and ethereum, he noted, adding that the firm also likes solana and has “a very large position” in algorand.
Scaramucci specifically shared the outlook for bitcoin, describing “the improvement of the Lightning network, the increase in applications and simple transactions on bitcoin,” noting:
You will see a lot more commercial activities there.
In the meantime, “You have The Merge coming with Ethereum, which is going to lower the transaction fees on that network. A lot of traders are probably buying that rumor … They’re probably going to sell on the news of The Merge, which will happen in mid-September, he said. “I would warn people not to do that. These are major long-term investments.”
The Skybridge founder emphasized:
In the next six years, if we’re right, if bitcoin goes to $300,000 per coin, it won’t matter if you bought it for $20,000 or $60,000. It really won’t matter.
“And I’m just warning people, the future is upon us. It’s happening faster than I thought,” he continued.
Scaramucci then referred to Blackrock, the world’s largest asset manager, which recently launched a bitcoin private trust, citing “significant” demand from some institutional investors. “Finally, Larry Fink [the CEO of Blackrock] sees the institutional demand. Otherwise he wouldn’t be setting up these products and merging with Coinbase,” the Skybridge founder said. “When this happens, I would remind people that there are only 21 million bitcoins out there and you will have a demand shock with very little offer.”
Earlier this month, Scaramucci said bitcoin’s market cap is $40K and ethereum’s is $2800. In March, he doubled down on the firm’s predictions that bitcoin would reach $100,000 by the end of this year and $500,000 in the long term.
Scaramucci discourages people from investing based on emotion, noting that the message he’s trying to send investors is “look through this.”
“If you’re out of the market for the best 10 days, you reduce your return from like 7.5% return to 2% return. That’s the total stock market,” he said. “There’s a lot of short-term people, a lot of research departments and different wirehouses that have knee-jerk reactions to things and get overly emotional.”
While stressing, “We’re trying to tell people, just relax, see this through,” Scaramucci said:
We see a fairly optimistic scenario for bitcoin, ethereum, solana and algorand in the next 12 to 24 months.
What do you think of the Skybridge Capital founder’s comments? Let us know in the comments section below.
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