Bitcoin (CRYPTO: BTC) could touch $500,000 in the long run, according to Skybridge Capital founder Anthony Scaramucci.
What Happened: Scaramucci, a former White House director of communications and a well-known Bitcoin bull, said the apex coin could touch $100,000 this year.
“Could it get there this year? Yes. Is it likely to get there over two years? I’m very confident of that. But we’ve got some work to do here from a regulatory perspective,” Scaramucci said in an interview to Magnifi by TIFIN.
Over the long-term BTC is expected to reach $500,000, as per Scaramucci.
“But if you’re willing to zoom out and look at the long-term chart and look at the adoption story, could bitcoin get to half a million dollars a coin? I believe it will.”
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Last year, Scaramucci had said that Bitcoin could touch $100,000 before 2021 was out, citing the apex coin’s “limited and fixed” supply. The cryptocurrency managed to hit an all-time high of just around $68,000 in November.
In the interview with Magnifi, Scaramucci said he did not “assess the regulatory environment appropriately” in light of the U.S. markets regulator approving BTC exchange-traded funds last year.
“I thought once you had the bitcoin futures, you’d end up with the cash pretty immediately. Too much political headwind for that,” said Scaramucci.
He advised novice investors to resort to dollar-cost averaging for their foray into cryptocurrencies.
Price Action: Bitcoin has fallen 44.95% from its all-time high of $68,789.63 hit in November. At press time, the apex coin traded 2.7% lower over 24 hours at $37,927.24.
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