SkyBridge Capital founder Anthony Scaramucci said that Bitcoin is “still very young” in terms of adoption and predicted significant long-term growth despite its current volatility and recent price fluctuations influenced by global events.
In an interview focused on the flagship crypto’s trajectory, Scaramucci highlighted that Bitcoin is still early in its adoption curve, likening its current stage to the early days of the internet around 1999.
Scaramucci also predicted that Bitcoin will surpass the market capitalization of gold in the coming years as it matures as an asset class and the regulatory landscape becomes more accepting.
Adoption curve
He emphasized that Bitcoin might not stabilize as a reliable inflation hedge or store of value until it surpasses a billion users, which suggests continued volatility in the near term.
“Bitcoin is on an adoption curve. If you go back to Web 1, Bitcoin is sort of at the 1999 point in the spectrum, so just imagine where we went from Web 1 to where we are today.”
Scaramucci’s remarks come at a time when Bitcoin has shown resilience despite geopolitical tensions and market uncertainties, such as the recent conflict involving Iran and Israel.
He acknowledges that events like these could temporarily impact Bitcoin’s value, possibly leading to a 10% to 15% fall in value in the short term. However, he remains optimistic about its future, especially with institutional interests such as spot Bitcoin ETFs and potential involvement from wirehouses and the 401k market.
Bitcoin to $200k
Scaramucci predicted that Bitcoin’s value could surge 3x to 4x in the months after the halving based on its historical performance over the past 15 years. He said:
“Long term, with the halving coming this week, I think this thing trades to 170k, possibly to $200,000.”
Scaramucci also compared Bitcoin’s investment profile to that of early-stage Amazon, noting the extreme volatility and substantial gains it experienced over the long term. He suggested that Bitcoin could similarly reward long-term investors who are willing to endure the price swings.
He added:
“In a rolling four-year period, no one has ever lost money in Bitcoin.”
Furthermore, Scaramucci touched upon the growing influence of ETFs in Bitcoin ownership and price discovery. He dismissed concerns about the centralization of Bitcoin ownership through ETFs, arguing that the market is still largely decentralized and that ETFs serve as a vital bridge to traditional investors.