Skybridge Expects Bitcoin to Hit $300,000 in 6 Years — ‘You’ll See Much More Commercial Activity’ – Markets & Prices Bitcoin News

Skybridge Expects Bitcoin to Hit $300,000 in 6 Years — ‘You’ll 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 a global asset management company has explained that the world’s largest cryptocurrency could reach $300k in six years, urging investors to “just relax” and “stay long-term”.

Skybridge bullish on Bitcoin and Ethereum

Anthony Scaramucci, founder and managing partner of global asset management firm Skybridge Capital, shared his firm’s views on bitcoin and ethereum in an interview with CNBC on Friday.

Asked if crypto winter was over, he said: “I want to warn people to see through the current environment,” citing better-than-expected economic data such as inflation and unemployment data released last week.

“In the crypto market, our belief is that most of the leverage is completely outside of that system. So you’re seeing a very strong recovery,” the Skybridge founder described, elaborating:

It is a reminder to investors not to back down, fight their own fear, stay patient and stay long term.

“We got a break. The pandemic has created this chaos. We brought a lot of money into the system which caused some inflation and obviously there was a disruption in the supply chain. But you could very easily go back to that fourth quarter of 2019, which was a very strong economy — low unemployment and benign inflation. That’s probably in 6 to 12 months. I think the market is starting to understand that,” he explained.

Skybridge’s biggest crypto positions are in bitcoin and ethereum, he noted, adding that the company also likes saltwater and has a “very large position” in algorand.

Sharing his views on bitcoin in particular, Scaramucci described “the improvement of the Lightning network, the increase of applications and the ease of transactions on bitcoin,” noting:

You will see a lot more commercial activity there.

Meanwhile, “You have The Merge coming with Ethereum, which will lower transaction fees on that network. A lot of traders are probably buying that rumor… They will probably sell on the news of the merger, which will happen in mid-September,” he said. “I would warn people not to do that. These are excellent long-term investments.”

The founder of Skybridge 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 ahead of us. It’s happening sooner than I thought,” he continued.

Scaramucci then mentioned Blackrock, the world’s largest asset manager, recently launched a private bitcoin trust, citing “significant” demand from some institutional investors. “Finally, Larry Fink [the CEO of Blackrock] see institutional demand. Otherwise, he would not have posted those products and partnering with Coinbase“, believes the founder of Skybridge. “When these things happen, I want to remind people that there are only 21 million bitcoins and you will have a demand shock with very little supply.”

Earlier this month, Scaramucci he said the fair market value of that bitcoin is $40k and ethereum is $2,800. He is in March doubled on his firm’s predictions that bitcoin will 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 to investors is to “see through this.”

“If you are out of the market for the best 10 days, you reduce your return from a 7.5% return to a 2% return. It’s the entire stock market,” he said. “There are a lot of short-term people, a lot of research departments and different widehouses who are vacillating on things and getting overly emotional.”

Noting, “We’re trying to tell people, just relax, look at this,” Scaramucci said:

We see a fairly bullish 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.

Skybridge Expects Bitcoin to Hit $300,000 in 6 Years — ‘You’ll See Much More Commercial Activity’ – Markets & Prices Bitcoin News

Kevin Helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons, lev radin

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