SkyBridge Capital founder Anthony Scaramucci believes that Bitcoin (BTC) will print massive all-time highs (ATHs) in less than six months.
In a new CNBC interview, Scaramucci says that Bitcoin could soon break out to six figures following its steep correction into the $50,000 range.
Scaramucci predicts Bitcoin’s current correction is only temporary due to such factors as the defunct crypto exchange Mt. Gox settling with creditors and the German government selling coins.
“We still love the fundamentals of Bitcoin long-term. And I do think, as I said, it’ll be $170,000 post-halving, but I think you can get to $100,000 by year-end, but it has to chug through this slog right now.”
He also says that Bitcoin could soon see a boost from FTX account holders who are expected to soon have their funds restored to them after the exchange collapsed. He believes a large number of them will reinvest them into Bitcoin.
“FTX is going to be releasing shortly $16 billion roughly of cash to investors that had their accounts at FTX. And so that’s very good news for Bitcoin holders, I believe because a lot of that was in Bitcoin. It got frozen in the bankruptcy. It got dollarized, unfortunately at low numbers for Bitcoin, but it’s going to go back to those account holders shortly, and we think a lot of that may flow into the asset.”
Lastly, he warns the Democratic Party that their reluctance to embrace digital assets compared to the Republican Party could cost them crucial votes in the upcoming November US presidential election.
“Let’s say there’s only 20 million wallets of eligible voters in the United States, and let’s say 10% of them are single-issue voters. You got 2 million potential voters in a very close, very narrow election being resolved by six or seven swing states that could be single-issue digital asset voters. I think it’s overwhelming conclusion that this will be an acceptable long-term asset class in the United States.”
Bitcoin is trading for $57,747 at time of writing, up nearly 3% in the last 24 hours.
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