In a few Years It Won’t Matter at What Price You Bought Bitcoin
Appearing on CNBC last Friday, founding partner global asset management firm Skybridge Capital, Anthony Scaramucci, shared a positive outlook for cryptocurrencies and in particular Bitcoin.
Within six years, the Skybridge founder said, the price of Bitcoin will be over 10x of today’s price:
“In the next six years, if we are right, if bitcoin goes to $300,000 a coin, it will not matter whether you bought it at $20,000 or $60,000. It’s really not going to matter.”
He added:
“And I am just cautioning people, the future is upon us. It’s happening sooner than I thought.”
Despite this year’s market downturn, with the cryptocurrency market capitalization having tanked to $1.1 trillion from above a $2 trillion valuation not so long ago, Scaramucci said to expect a powerful market recovery, referring to better-than-expected inflation and unemployment numbers recently being released in the US. Cautioning people to “see through the current environment,” he elaborated:
“The crypto market, it’s our belief that most of the leverage is completely out of that system. So you are seeing a very strong recovery”
The Skybridge partner continued:
“It is a reminder to investors not to pull out, fight their own fear, stay patient and stay long-term.
“We hit pause. The pandemic created this havoc. We inducted a lot of money into the system that caused some inflation and obviously had the supply chain disruption. But you could very well get back to that fourth quarter 2019, which was a very strong economy, low unemployment and benign inflation. That’s probably 6 to 12 months away. I think the market is starting to realize that.”
With regards to Bitcoin, Scaramucci highlighted “the improvement of Lightning network, the increase in applications, and ease of transactions on bitcoin,” as a driver for adoption and said:
“You are going to see a lot more commercial activities there.”
Commenting on Blackrock, the world’s largest asset manager, just partnering up with Coinbase to bring cryptocurrency investment to its corporate clients, Scaramucci said this will be a huge boost for cryptocurrency and Bitcoin price:
“Finally, Larry Fink [the CEO of Blackrock] is seeing the institutional demand. Otherwise, he wouldn’t be setting up those products and teaming up with Coinbase. When this stuff happens, I want to remind people that there’s only 21 million Bitcoin out there, and you will have a demand shock with very little supply.”
Seven months ago, Scaramucci explained that contrary to what many people might realize, Bitcoin is still in a very early stage of adoption, similar to Amazon in its early days.
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Source: igaming
