SkyBridge Capital founder Anthony Scaramucci says he continues to believe that Bitcoin (BTC) will hit distant all-time highs by the end of the year.
In a new interview on CNBC Squawk Box, Scaramucci, speaking from the Wyoming Blockchain Symposium, says that Bitcoin may increase more than 75% from its current value by the end of 2025 for one main reason.
“It’s been pain and euphoria in the Bitcoin markets over the last five years. I think what’s happening now is lots of consolidation and institutional adoption. So if you went to a conference like this three years ago, it was mostly retail investors and CEOs working in the layer-one blockchain space. Today, it’s lots more institutional investors. That’s finally starting to happen.
If you look at the numbers on something like the BlackRock ETF (exchange-traded fund), the IBIT (iShares Bitcoin Trust) ETF. You can see now there are lots of institutions coming in. What’s interesting is that some of the whales have been selling…
There’s a consolidation story happening. There’s a change of ownership story happening. But I think we’re going higher just because just look at the math. There’s just way more demand than issued supply of Bitcoin, or existing overall supply in the marketplace.”
Scaramucci doubles down on his prediction that Bitcoin will be trading for as much $200,000 in less than five months, adding that the target is a relatively conservative forecast.
“We still maintain our price target between $180,000 and $200,000 by year’s end. And I think that’s a cautious price target, by the way. There are people who are way above those levels. But I just think it’s a function of buying and only 450 Bitcoins being made by the network per day.”
Bitcoin is trading for $113,846 at time of writing, down 1.9% in the last 24 hours.
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Featured Image: Shutterstock/Alberto Andrei Rosu
