He also suggested how an average investor should invest in bitcoin.
Skybridge Capital’s founder on Bitcoin Price
Anthony Scaramucci is the founder of Skybridge Capital Investment Management. He spoke to Melissa Francis about the future outlook on bitcoin in an interview that was broadcast on Magnifi TIFIN.
Scaramucci predicted that BTC would reach $100,000 by last year. After the U.S Securities and Exchange Commission (SEC approved Bitcoin futures exchange-traded fund (ETFs) approval, Scaramucci admitted that he had not properly assessed the regulatory environment.
“I believed that once you had bitcoin futures [ETFs], then you would have the cash in no time. He explained that there was too much political headwind to do so. Instead, BTC was corrected to $40,000 from $68,892 at its peak. This is based on data from Bitcoin.com Markets.
Skybridge Capital founder, however, believes bitcoin’s price could rise to $100,000 this year. He stated:
Is it possible to get there in this year’s? Yes. It is possible to do it in two years. That is something I am very confident about. However, there is still a lot of regulatory work ahead.
“We have to get the markets to calm down. We have to overcome Covid. He stressed that Covid is not going anywhere.
How an average investor should get into Bitcoin
Skybridge Capital founder was also asked his opinion if he was an average investor and had not yet invested in crypto. He quickly replied, “I would buy some.” He added that he would average in.
Scaramucci warned that volatility is possible, but he also noted:
Technology like this can only be managed by buying a small amount each month at a dollar cost average.
Scaramucci suggested that an average investor invest 1% to 4% of their monthly paycheck in bitcoin.
He shared that he had invested 4% of Skybridge money in bitcoin. He explained that he started with a 4% cost position. However, if he spoke to him at peak, it was 22%.
He said, “I believe you have to be part of this.” It would be a mistake for blockchain and cryptocurrency to be under-invested, or even zero-invested.
$500K per Bitcoin
Scaramucci also spoke out about how high bitcoin’s price could go in the long-term, repeating his prediction that BTC could hit $500,000 per coin.
Skybridge Capital executive noted that “This technology is very early adopting.” He warned that it would be volatile. He stressed that there will be times when bitcoin crashes, down 50%, but not for long.
If you zoom in and see the long-term chart, and the adoption story, can bitcoin reach a quarter of a million dollars per coin? It will, I believe.
Scaramucci has been a bitcoin bull for some time. He encouraged investors to buy BTC in November 2013. stated: “This was very, very early… I’m trying my best to explain why they should own it right now.”
