Bitcoin
Bitcoin Price Will Hit $100,000 on a Series of Positive Catalysts: Scaramucci
- Bitcoin is still on track to see a major rally by the end of the year, Anthony Scaramucci says.
- The prominent crypto bull pointed out several catalysts that could push the cryptocurrency’s price to $100,000.
- These catalysts include decreasing selling pressure, cryptocurrency payments, and promising cryptocurrency legislation.
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Bitcoin is still on track to nearly double current levels this year despite the cryptocurrency’s sharp sell-off, according to Anthony Scaramucci.
The founder of Skyridge Capital and long time crypto bull said he saw a number of bullish factors ahead for bitcoin. Despite the coin’s 17% drop last month, bitcoin is still on track to eventually hit $170,000, and could potentially surpass the $100,000 mark by the end of the year, Scaramucci said. CNBC in an interview on Monday.
“We still love the long-term fundamentals of bitcoin,” he added, pointing to three positive catalysts for the cryptocurrency.
1. More bitcoins are returning to investors.
Bitcoin investors could be on the receiving end of a wave of cryptocurrency payments — and will likely reinvest a significant portion of that back into the market, Scaramucci said.
Mount GoxThe now-defunct cryptocurrency exchange that went bankrupt a decade ago is already starting to pay the $9 billion it owes to its creditors and customers, the company said in a statement. declaration last week.
FTXthe cryptocurrency exchange that collapsed and shook the digital asset market in 2022, is also planning to pay most of its depositors in full. This could return up to US$ 16 billion of cryptocurrencies back to investors, the exchange’s lawyers said.
About 40% to 50% of the payments could end up being reinvested in cryptocurrencies, Scaramucci estimated, based on the loyalty of many hardcore bitcoin investors.
“A lot of that was in bitcoin, it was frozen in the bankruptcy, it was dollarized, unfortunately, at low values for bitcoin, but it will be returned to account holders soon, and we think a lot of that will be returned to the asset,” he said of FTX’s customer deposits.
2. Bitcoin is becoming more popular.
Lawmakers introduced a account establishing a regulatory framework for crypto. This is a promising sign that bitcoin is becoming a more widely accepted store of value, which is bullish for its long-term trajectory, Scaramucci said.
“Right there, clearly in the GOP platform, is the protection of digital assets and the protections of bitcoin specifically,” he added. “To me, I think it’s an overwhelming conclusion that this is going to be an acceptable long-term asset class in the United States.”
3. Selling pressure will eventually ease.
Bitcoin’s price fell in part due to temporary selling pressure, Scaramucci said.
Bitcoin Halving Eventfor example, it fueled some selling pressure among miners trying to hold on to profits, he noted, while Mount Gox refunds also fueled some selling pressure from investors regaining access to their cryptocurrency holdings.
The German government also offloaded several hundred million in cryptocurrency after police seized about $2.2 billion worth of bitcoin from a movie piracy website in 2024. The government sent another $155 million in bitcoin to several cryptocurrency exchanges and market makers on Monday, according to data from blockchain analytics site Arkhan Intelligence.
These selling pressures, however, are likely to subside, Scaramucci said. This is in line with other cryptocurrency analysts, who predict the the currency will recover from the fall in the coming months as sellers pull back.
Bitcoin rose slightly on Tuesday, trading around $57,000. Despite the recent sell-off, the crypto is still up 29% from its early-year levels, attesting to a more bullish sentiment among risk assets.