Bitcoin will “easily” reach a price of $500,000
That was the prediction made by SkyBridge Capital founder Anthony Scaramucci on CNBC, citing the limited issuance of the Bitcoin and the potential number of wealthy investors in it.
According to JPMorgan, there are at least 49 million dollar millionaires, but the supply of digital gold is limited to 21 million coins, he noted.
“There aren’t enough bitcoins for every millionaire in our society to own at least one coin,” Scaramucci stated emphatically.
In his opinion, the price of the first cryptocurrency will reach that mark by the end of 2024 or mid-2025, if Kathy Wood’s prediction comes true. Earlier, the founder of Ark Invest predicted that by that time the number of bitcoin wallets will reach one billion.
Scaramucci called digital gold an insurance policy against inflation and said current levels are still an early opportunity to get into the asset.
“As far as I’m concerned, I’m struggling to explain to people why they should own it right now,” the investor added.
As a reminder, Scaramucci said in September that bitcoin could become a global reserve currency.
BTC has a potential to become a worldwide reserve currency
Bitcoin is a monetary standard with the potential to become a worldwide reserve currency in the future.
On the Career Stories podcast, SkyBridge Capital CEO Anthony Scaramucci shared this viewpoint.
Even if they are dubious of the digital asset market, Scaramucci encouraged people to learn more about it. It’s critical, he continued, to comprehend “why you don’t want to own digital gold.”
“Because Bitcoin is still in its early phases of acceptance, it is highly volatile. Amazon’s volatility curve was the same 24 years ago. However, if you invested $10,000 in Amazon stock in an IPO, you would now have $21 million “Scaramucci elaborated.
One of bitcoin’s key advantages, he said, is its decentralization. Financial tools operate best in the hands of people, not the government, according to the CEO of SkyBridge Capital.
Newcomers to the crypto business could dedicate up to 5% of their investing portfolio to digital assets, according to Scaramucci. He justified his proposal by claiming that it would result in huge gains in the event of considerable market rise and moderate losses in the event of a market crash.