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SkyBridge Capital founder Anthony Scaramucci says Bitcoin (BTC) is on track to soar more than 200% within 12 months.
In a new interview on CNBC Squawk Box, the hedge fund veteran says that the expected continual adoption of Bitcoin will keep driving the value higher and reduce price volatility.
“I wish I could understand the price moves myself. Where I’m coming from is a little bit of longer-term as opposed to just the week-to-week or day-to-day price movements. I think the point I’m trying to make is that Bitcoin is on that adoption curve. If you go back to Web 1, Bitcoin is sort of in the 1999 point in the spectrum. Just imagine where we went from Web 1 to where we are today.
And so my point is, you won’t see this be an inflation hedge or a store of value as other pundits are saying until you get over a billion users. And so right now, it’s going to be way more volatile than people like and people look at it as a risk-on or risk-off trade until we get to that adoption curve.”
Scaramucci predicts Bitcoin will soar to as much as $200,000 within a year, a 219% increase from the current value. However, he warns Bitcoin is at risk of declines of up to 15% in cases of unforeseen calamitous events.
“You could get shocks like wars and you could get, God forbid, a terrorist calamity or something like that that could take Bitcoin down 10% or 15%, but I think you have a heavy bid on Bitcoin because of the demand from the ETFs (exchange-traded funds) and from the eventual drivers of things like the wirehouses that will enter the space as well as the 401k market.
So I don’t think you have 50% downside, but you could have 10% or 15% downside just because it’s still a risk-on-risk-off asset. But long term with the halving coming this week, I think this thing trades to $170,000 possibly to $200,000 and, and that’s consistent with where it’s been over the 15 years of Bitcoin.”
Bitcoin is trading for $62,594 at time of writing, up 1.5% in the last 24 hours.
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