Legendary investor Anthony Scaramucci has shared his view on future Bitcoin price in regard to the halving event that happened this Friday.
In his recent appearance on Wealthion, the long-time crypto proponent highlighted the significant demand for Bitcoin driven by investors buying into ETFs like BlackRock and Kathy Wood’s funds, while the network produces only 450 coins per day.
Crypto and Bitcoin are still new to most people. I tried to answer some of the biggest questions like use cases and the upcoming halving. Give it a watch: https://t.co/PCAhnAm6ov
— Anthony Scaramucci (@Scaramucci) April 19, 2024
This demand often pushes prices higher, but after the halving event, prices typically decline. Scaramucci explained that many short-term Bitcoin holders sell after making profits, while new investors enter the market.
He emphasized his personal strategy of holding Bitcoin long-term, regardless of price fluctuations, citing Bitcoin’s strong performance over the past 14 years as evidence of its value.
“I don’t care if it goes down. I’m going to sit and hold it and then it builds itself back up. That’s happened over the last 14 years of Bitcoin. It is the best performing asset that we know about in the world.”
“Join this Revolution”
Scaramucci advised against viewing Bitcoin as a lottery ticket due to its volatility but encouraged people to invest in it to become part of the revolution. He recommended starting with a small investment to understand Bitcoin’s technical properties and experience the excitement of being involved in the cryptocurrency space.
“Don’t think of it as a lottery ticket, it is volatile, you know, be wary. But get off zero and and join this Revolution. I always say to people: you buy a little bit of Bitcoin you start focusing on the technical properties of it and you’ll be excited that you did,” Scaramucci said.
Up to $8 million for Bitcoin
Earlier, Scaramucci expressed his stance on future BTC price. He predicts a potential valuation increase of up to 10 times from the current level, which could reach $6-8 million.
Despite this optimistic forecast, Scaramucci stated that Bitcoin is currently neither a strong inflation hedge nor a fully established store of value. He attributed this to the relatively low global adoption of the coin, suggesting that significant changes would not occur until Bitcoin attracts at least a billion users, a milestone he expects around 2026.
