Skybridge Founder Expects Bitcoin to Surpass $170,000 Next Year

Skybridge Founder Expects Bitcoin to Surpass $170,000 Next Year

Skybridge Capital founder Anthony Scaramucci expects bitcoin’s price to surge past $170,000 next year if the price of the cryptocurrency remains at the current level until the halving in April. He expects Bitcoin halving, as well as surging institutional demand for newly listed spot bitcoin exchange-traded funds (ETFs), to boost the price of the crypto.

Scaramucci Shares $170K Bitcoin Price Prediction

Skybridge Capital founder Anthony Scaramucci shared his bitcoin price prediction in an interview at the Reuters Global Markets Forum on Monday. He based his price outlook on the demand for newly approved spot bitcoin exchange-traded funds (ETFs) and the upcoming Bitcoin halving. Scaramucci said:

If bitcoin’s at $45,000 on the halving, where it roughly is right now, it’ll be $170,000 by mid- to late 2025.

“Wherever the price is on the day of the halving in April, multiply it by four, and it’ll reach that price in the next 18 months,” the Skybridge Capital founder added. In December, Scaramucci predicted massive capital inflow from Wall Street into spot bitcoin ETFs.

The SEC approved 11 spot bitcoin ETFs last week. The anticipation surrounding the approval sent bitcoin’s price above $49,000. However, BTC subsequently dropped back to around $42,000. At the time of writing, BTC is trading at $43,420.63.

According to Scaramucci, the decline in the price of bitcoin following the spot bitcoin ETF approvals is due to investors moving funds out of Grayscale Bitcoin Trust into new spot bitcoin ETFs. He expects to see the impact of funds flowing into spot bitcoin ETFs on BTC in eight to 10 trading days. Grayscale converted its bitcoin trust (GBTC) into a spot bitcoin ETF and began trading on the NYSE last week.

Many expect the bitcoin halving to drive the price of bitcoin higher. Microstrategy’s executive chairman, Michael Saylor, said in November that the demand for bitcoin should double after the halving and spot bitocin ETF approvals. In its year-end crypto predictions, asset management firm Vaneck stated that it anticipates “minimal market disruption and a post-halving rise in bitcoin’s price, with significant gains for some low-cost miners.” Pantera Capital said in August last year that it expects BTC to skyrocket to $148K after the halving. Moreover, venture capitalist Tim Draper said bitcoin will hit $250K this year.

Do you agree with Skybridge Capital founder Anthony Scaramucci that the price of bitcoin will surpass $170K next year? Let us know in the comments section below.