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Anthony Scaramucci’s Bullish Bitcoin Price Prediction
Anthony Scaramucci, the founder and managing partner of hedge fund SkyBridge, shared his optimistic views on Bitcoin in an interview with CNBC. He believes that Bitcoin has the potential for significant growth in the near future.
Factors Driving Bitcoin Price
- Scaramucci predicts Bitcoin price to reach $170,000 by the end of the current cycle.
- He points to factors like increasing adoption and the impact of spot Bitcoin exchange-traded funds on Bitcoin’s resurgence.
- Scaramucci highlights the significant inflows of over $10 billion into ETFs in the first quarter of the year, surpassing the pace of Gold ETF (GLD) inflows.
Bitcoin Halving and Price Discovery
Scaramucci dismisses the notion that the Bitcoin halving effect is already priced into the market. He believes that Bitcoin is still in a phase of price discovery and has room for further growth.
He mentions that the upcoming halving event, expected to reduce the daily output of new coins, will have a significant impact on Bitcoin’s scarcity and value.
Bitcoin Halving 2024: Impact and Expectations
The Bitcoin halving event, scheduled for April 2024, will reduce the rewards for miners by 50%, affecting the supply of new bitcoins entering circulation.
This reduction in supply, occurring every four years, is crucial for traders as it could potentially drive up prices if demand remains stable. The upcoming halving at block 740,000 will decrease the mining reward from 6.25 to 3.125 bitcoins.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
