50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Anthony Scaramucci Says Bitcoin Can Hit $700K, Predicting Match To Gold — 'Could Bitcoin 10x In The Next 15 Years? I Believe It'

Published 11/06/2024, 19:35
Updated 11/06/2024, 20:40
© Reuters.  Anthony Scaramucci Says Bitcoin Can Hit $700K, Predicting Match To Gold — \'Could Bitcoin 10x In The Next 15 Years? I Believe It\'
BTC/USD
-

Benzinga - Anthony Scaramucci, founder of Skybridge Capital, has predicted that Bitcoin could potentially become a $500,000, even $700,000 asset, despite only 5% adoption in the U.S.

In an interview with David Lin on June 7th, Scaramucci suggested that if Bitcoin continues to scale and adopt at the same pace as in the past decade, its value could reach unprecedented heights. He compared Bitcoin’s potential growth to that of gold, touting, “If gold is at $16 trillion and Bitcoin is at $1.5 trillion, could Bitcoin surge 10x in the next 15 years?”

Scaramucci had previously spoken to CNBC last April about his $16 trillion market cap prediction for Bitcoin reminding viewers, no one who held onto the asset had lost money in the past 4 years.

Don’t Miss:

  • 1 in 4 Americans own a share of Bitcoin according to NASDAQ, how many people got started through this free crypto faucet?
  • According to Cathie Wood, holding 6 Ethereum (ETH) could make you a millionaire, here’s why it can be true.

Scaramucci explained to Lin that in the digital world, people would accept a store of value if it meets certain criteria: scarcity, ease of use, and trustworthiness. He told David, “There's no reason why this can't be a $300,000, $400,000, $500,000 asset.”

Scaramucci also noted that Bitcoin is currently tracking like a tech asset, similar to Nvidia and other major tech stocks. However, as it matures, it will start to exhibit properties similar to gold. He also mentioned that rate cuts by central banks could impact Bitcoin, as they expand market equity and provide relief in sectors like real estate.

Last month, Scaramucci joined Benzinga’s PreMarket Prep Monday. When the topic of 5% adoption in the US surfaced, he said, “That’s akin to Web 1 in 1999. I would just tell you to look at the Web 1 volatility of stocks like Amazon, eBay, etcetera, back in 1999. As things adapt and scale (and I predict Bitcoin will scale), you will see a situation where Bitcoin has a billion users. The value of that network will be exponentially larger, and Bitcoin will be at $150,000.”

While acknowledging gold’s 5,000-year history as a valuable asset, Scaramucci pointed out that gold isn’t as user-friendly or transportable as Bitcoin. He said, “I understand why people own gold. I understand the 5,000-year human commitment to gold, but it's just not as user-friendly, it's not as transportable as Bitcoin.”

Read Next:

  • Bitcoin To $100,000? Here’s what gold bug Peter Schiff said could happen on Anthony Pompliano’s podcast.
  • If you invested $1000 in DOGE when Elon Musk first tweeted about it in 2019, here’s how much you’d have today.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.