SkyBridge Capital CEO Anthony Scaramucci says Bitcoin (BTC) could rise significantly from its current price of $69,000 and one day have a market Capital half that of gold.
In an April 6 interview with CNBC, Scaramucci predicted that Bitcoin could reach $170,000 this cycle and added:
I'm simply saying that BTC could be trading at half the value of gold, which is about six to ten times the current level.
“However, it will not happen overnight and there will be a lot of volatility,” he added.
Bitcoin currently has a market Capital of $1.35 trillion, while gold has a total value of $15.8 trillion. If Bitcoin were to trade for half the value of gold, its market Capital would need to increase approximately 6x from here – which would result in a price of around $400,000 per BTC.
Describing the 10 recently approved Bitcoin spot ETFs as “sales machines,” Scaramucci argued that these products will only continue to fuel growing retail and institutional demand for the Cryptoasset.
Spot Bitcoin ETFs have now seen net Capital worth more than $12 billion into 10 products (excluding Grayscale). In contrast, when the Gold ETF (GLD) was launched in November 2004, it took nearly a year to generate $10 billion in Capital .
Like many other market commentators, Scaramucci XEM the upcoming Bitcoin halving – currently scheduled for April 20 – as the main catalyst for a short-term increase in Bitcoin prices.
