Anthony Scaramucci, founder of SkyBridge Capital, has maintained his bullish stance on Bitcoin’s (BTC) future, suggesting that it is only a matter of time before the cryptocurrency reaches a six-figure value.
In an interview with David Lin published on June 7, Scaramucci projected that Bitcoin could match gold, seeing the asset rally to almost $700,000. His prediction hinges on Bitcoin’s unique technological attributes and increasing adoption as a store of value akin to gold.
Scaramucci pointed out that Bitcoin’s adoption rate in the United States is currently around 5%. However, if Bitcoin continues to scale and adopt at the same speed as it has over the past decade, he sees no reason why its value couldn’t increase exponentially.
He added that Bitcoin’s current market cap of almost $1.5 trillion could feasibly grow by 10x over the next 15 years. Based on the possible tenfold growth, this means that with the current value of about $69,500, Bitcoin could hit a market cap of $15 trillion in the next 15 years.
Using the formula for the new price of Bitcoin, which is the latest market cap divided by the current market cap, then multiplied by the current price of Bitcoin, the asset’s projected price will be approximately $695,000 if the market cap grows 10x.
“There’s no reason why this can’t be a $300,000, $400,000, $500,000 asset. <…> If gold’s at $16 trillion, bitcoin’s at $1.5 trillion, could Bitcoin 10x in the next 15 years? I believe it can and I believe it has the properties the technical properties to allow it to do that and we’re already seeing that happen it’s already manifesting in that direction,” he said.
Drivers of Bitcoin to $700,000
Scaramucci’s optimistic forecast is grounded in Bitcoin’s inherent characteristics and the ongoing trends in its market adoption.
At the same time, the investor pointed out that Bitcoin’s potential also lies in its potential as a digital store of value. He argued that people would accept a store of value in the digital age if it possesses qualities like scarcity, ease of use, trustworthiness, and stable value.
Drawing parallels to gold, Scaramucci explained that Bitcoin meets these criteria through its decentralized and permissionless network. Bitcoin’s limited supply ensures scarcity, while its decentralized nature guarantees secure and reliable value transfer.
Scaramucci concluded that Bitcoin’s growth is driven by its ability to replicate the valued qualities of traditional assets in a digital form, predicting its increasing acceptance and long-term growth in the global financial system.
In the short term, he maintained that Bitcoin will likely trade at $170,000 by 2025.
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