Bitcoin’s price has been dropping lately, leading some to worry about a bear market. But not everyone’s worried. Anthony Scaramucci, founder of SkyBridge Capital, is sticking to his prediction: Bitcoin will hit between $180,000 and $200,000 by the end of the year.
Scaramucci’s Bullish Outlook
Despite the recent price dips, Scaramucci remains incredibly optimistic. He recently reiterated his prediction on CNBC, citing several factors supporting his bullish outlook.
These factors include:
- Tightening Supply: The limited number of Bitcoins being created each day is driving up demand.
- Institutional Adoption: Big companies are buying up Bitcoin at a significant rate. The success of BlackRock’s Bitcoin ETF is a prime example.
- Growing Recognition: Bitcoin is increasingly seen as a safe investment (a “hedge asset”).
Scaramucci even suggested that a specific political event (President Trump potentially influencing the Federal Reserve) could further boost Bitcoin’s price. He believes this next Bitcoin bull run will be even bigger than previous ones.
A Shift in Ownership
Scaramucci points to a significant shift in Bitcoin ownership. While large holders (“whales”) are selling, the overall demand is still outpacing the supply. He sees this as a positive sign, indicating that institutional investors are accumulating Bitcoin.
He explained that the current market activity is largely due to consolidation and institutional buying, a shift from the earlier days when retail investors and smaller companies were the primary drivers.
The $180,000 – $200,000 Prediction: Cautious Optimism?
Scaramucci acknowledges that some predict even higher Bitcoin prices, but he stands by his $180,000-$200,000 target, calling it a “cautious” prediction. He views the current price drop as a healthy correction before another significant price increase.