$BTC: SkyBridge Capital Founder on Why He Expects Bitcoin Price to Hit $100,000 by Year-End

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As a seasoned crypto investor with a background in traditional finance and politics, I find Anthony Scaramucci’s insights on Bitcoin and the broader cryptocurrency market particularly intriguing. His extensive experience in the financial industry, including his time at Goldman Sachs and founding SkyBridge Capital, gives him a unique perspective on the digital asset space. Moreover, his brief tenure as White House Communications Director under President Trump has provided him with valuable insights into the political landscape.

On July 8, Anthony Scaramucci, the founder and co-managing partner of SkyBridge Capital, which is a leading global alternative investment firm specializing in hedge funds, digital assets, private equity, and real estate, made an appearance on CNBC’s “Closing Bell” to discuss his views on Bitcoin and the broader cryptocurrency market. During an extensive conversation with the show’s hosts, Scaramucci expressed a positive perspective on Bitcoin, touched upon the repercussions of recent developments in the crypto industry, and offered insights into how political factors may shape the future of digital assets.

Before starting SkyBridge in 2005, Scaramucci was a co-founder of Oscar Capital Management. This firm was eventually acquired by Neuberger Berman. Scaramucci then joined the White House as Communications Director for President Trump in July 2017, gaining notoriety due to the high-profile nature of this position, even though he only held it briefly. Preceding his time at the White House, Scaramucci had important roles at Goldman Sachs, including work in investment banking, equities, and private wealth management divisions.

Bitcoin’s Volatility and Future Potential

As an analyst, I’d rephrase Scaramucci’s statement as follows:

The SkyBridge Capital founder said:

As a Bitcoin analyst, I’m bullish on its long-term potential. My prediction is that the price will reach $170,000 following the halving event. However, I believe we could see a significant increase even before then, possibly hitting $100,000 by the end of this year. Currently, though, the market is facing some challenges and needs to overcome these hurdles first.

Impact of FTX Bankruptcy Resolution

Scaramucci talked about the positive impact of the FTX bankruptcy resolution on Bitcoin investors. Around $16 billion in cash, previously held in trust during the bankruptcy proceedings, will be restored to account holders. A substantial portion of these funds were in Bitcoin, making it likely that a significant percentage – around 40-50% – will be re-invested back into Bitcoin by FTX account holders who are early adopters and loyal to the digital asset space.

He said:

As an analyst, I’d rephrase it as follows: “I expect that FTX will soon distribute approximately $16 billion in cash to its account holders. This is positive news for Bitcoin investors since a significant portion of their funds were in Bitcoin and had been frozen during the bankruptcy process. Once the funds are returned, a considerable amount may be reinvested back into Bitcoin.”

Government and Regulatory Influence

As an analyst, I would rephrase it this way: When questioned about the potential risks of sovereign governments selling Bitcoin, Scaramucci expressed his belief that the long-term consequences would be minimal. He drew a parallel to the early days of Uber and the regulatory challenges it faced, but ultimately overcame due to strong public demand. Scaramucci further highlighted that the Republican Party’s platform now advocates for the protection of digital assets such as Bitcoin, which he considers a pivotal step. In contrast, he criticized the Democrats for disregarding the importance of digital asset protection, arguing that it is no longer a marginal concern but a widely supported issue among voters.

Political Landscape and Market Implications

Scaramucci shared his perspectives on the present political scenario and its possible implications for the cryptocurrency market. With respect to swing states’ voting, he commented:

“Let’s say there’s only 20 million wallets of eligible voters in the United States, and let’s say 10% of them are single-issue voters. You got 2 million potential voters in a very close, very narrow election being resolved by six or seven swing states that could be single-issue digital asset voters. I think it’s overwhelming conclusion that this will be an acceptable long-term asset class in the United States.“

As for the two main political parties in the U.S. and their attitude toward crypto, he said:

“In my opinion, it’s regrettable that Democrats have overlooked the safeguarding of digital properties, such as data and Bitcoin, in the Republican Party’s platform.”

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2024-07-10 12:09