Hedge fund veteran and SkyBridge Capital chief executive Anthony Scaramucci is predicting that Bitcoin (BTC) hits a six-figure price tag in 2024.
In a new interview with CNBC, Scaramucci says that based on historical precedent, the crypto king could go up by around 300% after its halving event, which is slated for April and will see miners’ rewards cut in half.
“If you look at the last 14 years, you usually get a quadruple after a halving. And so Bitcoin right now is trading $57,000.
I’m not sure where it will be on or about April 20th when the halving actually takes place, but let’s say it’s at $50,000. That would imply over 18 months from the halving a $200,000 Bitcoin price.”
Bitcoin is trading for $61,304 at time of writing, a 8.4% gain during the last 24 hours and a gain of over 40% since early February.
On the reason behind Bitcoin’s ongoing price appreciation, Scaramucci says,
“So price is going up primarily because there’s not a lot of supply out there and yet you’re seeing these [spot] Bitcoin exchange-traded funds (ETFs) coming into the marketplace with 12 to 14 times what’s available in terms of what the network is producing every single day.
And so that’s why you’re seeing this price squeeze and of course you do have people that don’t believe in Bitcoin that are short Bitcoin and so they’re getting wrecked right now. And I think that’s the combination of why you’re seeing such great price appreciation.”
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