Bitcoin
Anthony Scaramucci says crypto will soar if this presidential candidate wins election: ‘I think we’ll see all-time highs for Bitcoin and other assets’
Capital SkyBridge CEO Antonio Scaramucci predicted a significant increase in the value of Bitcoin BTC/USD. He predicts Bitcoin to soar almost 300% and Ethereum ETH/USD will rise by around 240% from its current values.
What happened: During a interview With Unchained last week, Scaramucci projected that Bitcoin could reach a value of between $170,000 to $250,000 and that Ethereum could reach $10,000 to $12,000.
“I can only give my guess and I think we’re up to $10,000 to $12,000 on Ethereum. And I think we’re somewhere [between] $170,000 to $250,000 in Bitcoin,” he said.
“The first thing for me is that someone will declare Bitcoin as an asset class. It will be a consultant. These big pension funds, to preserve their jobs, turn to external consultants and ask for advice on asset allocation, who to put the money into , where to put the money, private equity, hedge funds, etc., stocks and bonds,” Scaramucci added.
He also speculated a victory for the president Joe Biden in the upcoming elections, which he believes will trigger new all-time highs for crypto assets.
“I think we will see all-time highs for Bitcoin and other assets in this category during a second Biden administration,” Scaramucci said.
Scaramucci also pointed to the potential for greater Bitcoin adoption by institutional investors as an important bullish catalyst for this cycle.
He envisions a scenario where Bitcoin is declared an asset class, leading to its inclusion in institutional tactical asset allocated portfolios.
“And someone will declare Bitcoin an asset class and then offer a suggestion that Bitcoin should be 1%, 2%, 3% of an allocated portfolio of institutional tactical assets. And when that happens, it will open up a huge demand for Bitcoin,” he said.
He cited Wisconsin’s recent announcement to hold about $160 million in Bitcoin as an example of this trend.
“I think this is happening and will create an acceleration in adoption and an acceleration in price growth,” he added.
Why does this matter: Scaramucci’s bullish predictions for Bitcoin and Ethereum are not new. In early April, he had already predicted a promising trajectory for Bitcoin, attributing its potential growth to increasing demand and decreasing supply.
He emphasized the significant role of Bitcoin spot market exchange-traded funds (ETFs) in overcoming regulatory barriers and introducing new equity investments in cryptocurrencies.
According to Scaramucci, Wall Street’s involvement has turned Bitcoin into a high-demand asset, especially with the upcoming halving event, which will reduce the daily issuance of new coins.
Now read: Analyst Predicts Bitcoin Will Reach Groundbreaking $100,000 Milestone
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