Scaramucci named the main reason for Bitcoin's growth to $180 thousand. What is it?
According to the founder of the hedge fund SkyBridge, the target price of the leading cryptocurrency this year is from $180 thousand to $200 thousand. 
SkyBridge Capital hedge fund founder Anthony Scaramucci said that the Bitcoin (BTC) price could reach $180,000 by the end of this year. In an interview with CNBC at a blockchain conference in Wyoming, the businessman said that the target price of $180,000 to $200,000 is a “cautious” estimate.
The main factor Scaramucci relies on in his new forecast is the dynamics of supply and demand for Bitcoin. According to him, demand far exceeds the number of coins available.
The businessman recalled that only 450 bitcoins are produced per day. And interest in buying cryptocurrencies, as well as stocks of spot exchange-traded funds (ETFs), is growing, especially from institutional investors.
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“If you went to a conference like this three years ago, you would see mostly retail investors and executives from companies working in the first layer of blockchain. Today, there are many more institutional investors here,” Scaramucci said.
According to the SkyBridge chief, the bulk of institutional investment “will likely go into ETFs” rather than shares of public companies that have adopted a strategy of accumulating cryptocurrencies similar to Michael Saylor’s Strategy. Scaramucci has previously criticized companies that issue debt to buy bitcoin for corporate reserves.
At 15:20 Moscow time on August 20, the Bitcoin exchange rate fluctuates around $113.8 thousand. Having set a record at $124.5 thousand a week ago, the price of the first cryptocurrency has adjusted by 8.5%.
A year ago, Scaramucci predicted that Bitcoin could reach a then-record $100,000 by the end of 2024. The businessman then cited the reduction in the key rate and the expectation of clarity in the regulation of cryptocurrencies in the United States after the presidential elections as reasons for the growth. In December, the Bitcoin rate reached the forecast target and rose higher, to $108,000.
Although this year's new Bitcoin price target of $180,000-$200,000 is described as “cautious,” it is higher than the previous one. In January 2024, Scaramucci predicted Bitcoin would rise to $170,000 by the end of 2025.
Source: cryptonews.net
