SkyBridge Capital founder Anthony Scaramucci said Bitcoin is “still very young” in terms of adoption and predicted significant long-term growth despite current volatility and recent price swings influenced by global events.
In a interview Focusing on the trajectory of the flagship crypto, Scaramucci emphasized that Bitcoin is still early in its adoption curve, comparing its current stage to the early days of the internet around 1999.
Scaramucci also predicted that Bitcoin will surpass gold’s market cap in the coming years as it matures as an asset class and the regulatory landscape becomes more accepted.
Adoption curve
He highlighted that Bitcoin may not stabilize as a reliable inflation hedge or store of value until it surpasses one billion users, suggesting volatility will persist in the near term.
“Bitco is on an adoption curve. If you go back to Web 1, Bitcoin is at about the 1999 point on the spectrum, so imagine where we went from Web 1 to where we are today.
Scaramucci’s comments come at a time when Bitcoin has shown resilience despite geopolitical tensions and market uncertainties, such as the recent conflict involving Iran and Israel.
He acknowledges that these types of events could temporarily impact Bitcoin’s value, potentially leading to a 10% to 15% drop in value in the short term. However, he remains optimistic about its future, especially with institutional holdings such as spot Bitcoin ETFs and possible involvement of wirehouses and the 401k market.
Bitcoin to $200,000
Scaramucci predicted that Bitcoin’s value could rise 3x to 4x in the months following the halving, based on its historical performance over the past 15 years. He said:
“Long term, with the halving this week, I think this thing is trading to 170,000, possibly to $200,000.”
Scaramucci also compared Bitcoin’s investment profile to that of early-stage Amazon, noting the extreme volatility and substantial gains it made over the long term. He suggested that Bitcoin could similarly reward long-term investors willing to ride out the price swings.
He added:
“In a rolling four-year period, no one has ever lost money in Bitcoin.”
Furthermore, Scaramucci discussed the growing influence of ETFs on Bitcoin ownership and pricing. He dismissed concerns about the centralization of Bitcoin ownership through ETFs, arguing that the market is still largely decentralized and that ETFs provide a crucial bridge to traditional investors.