The founder of investment firm SkyBridge Capital is predicting Bitcoin (BTC) will more than double in price over the next year.
In a new interview on the Bankless podcast, hedge fund veteran Anthony Scaramucci says that Bitcoin demand will likely continue to increase, creating a supply crunch that sends the flagship crypto asset soaring.
“There’s going to be a supply shock and so there’s no reason why this can’t trade to $200,000 over the next 12 months. You don’t have enough Bitcoin in the marketplace. So what happens? I need to own it. My board just told me I got to get a 1% position. Okay, what do I got to do? I got to go buy a 1% position. You start buying it. It’s liquid. It’s the deepest crypto market. But it’s not super liquid. $10 billion will move that market. It just will.”
Scaramucci also predicts that the US government will create a Bitcoin reserve under President-elect Donald Trump’s leadership.
“Let me tell you why I think it will happen. Trump wants it to happen, and he’s got the Senate Banking Committee. [Republican US Senator] Tim Scott wants it to happen. He’s going to be the chair of the Senate Banking Committee. [Treasury Secretary nominee Scott] Bessent wants it to happen…
If you’re telling me there are no Democrats that are going to vote for that, then I’ll say, Okay, then we’re not going to get it. But I don’t see that…
I think there’s a lot of Democrats who will look at it and say, ‘If Bitcoin is digital gold and we have $600 billion of gold on reserve at our bank and the Federal Reserve Bank, you’re telling me we couldn’t put $75 to $100 billion of Bitcoin on reserve? And by the way, you may even liquidate some of that gold to do that. You’re saying that’s not possible?”‘
Bitcoin is trading for $94,737 at time of writing, up 3% in the last 24 hours.
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