Investment legend predicts Bitcoin price of $700,000
SkyBridge Capital founder Anthony Scaramucci believes Bitcoin has enormous potential. Ultimately, he sees Bitcoin reaching a price of $70,000. In a recent interview with David Lin, Scaramucci talked about Bitcoin as a technological improvement on gold.
Bitcoin price of $700,000
Scaramucci’s belief in massive Bitcoin prices comes from current adoption patterns and technology, which makes the digital currency unlike any other asset.
According to Scaramucci, Bitcoin’s adoption rate is currently 5% in the United States, but it is growing rapidly. If Bitcoin continues its current growth path, he believes there is no barrier to Bitcoin’s market cap. Ultimately, he even foresees a market cap of $15 trillion.
This would make Bitcoin about 10x upside from its current price of $69,000. This prediction is partly based on gold’s market cap, which is currently $16 trillion.
In that respect, a factor of 10 increase is not at all unlikely for Bitcoin, according to Scaramucci. He claims that Bitcoin is at least equal to gold in all areas.
Bitcoin scarcity is crucial
In conversation with Lin, Scaramucci also discusses a stock’s fundamental properties that will help the digital currency on its way up.
Scarcity is discussed first. According to Scaramucci, the maximum number of 21 million Bitcoin is a crucial feature of the digital currency. Compared to gold, this indeed makes Bitcoin special.
While the gold supply grows by 1-2% annually, Bitcoin inflation has fallen below 1% after the last halving and we are heading towards 0%. He expects to see a Bitcoin price of $170,000 on the boards in the next three years.
For now, this is not the case and Bitcoin is trading at $69,300. In that respect, the bullish momentum has not yet completely returned after last Friday’s rather sudden price fall.
