Bitcoin's Potential to Reach $170,000, Says SkyBridge Capital CEO

SkyBridge Capital CEO Anthony Scaramucci believes Bitcoin has significant potential for growth, suggesting it could one day trade at half the value of the global gold market. In an interview with CNBC on April 6, Scaramucci predicted that Bitcoin could reach as high as $170,000 during this cycle, with the bulk of its price appreciation occurring over a longer time horizon.

Scaramucci emphasized that this growth would not happen overnight, stating, “It’s not going to happen overnight and there will be a lot of volatility.”

Bitcoin currently has a market capitalization of $1.35 trillion, while gold's total value stands at $15.8 trillion. If Bitcoin were to trade at half the value of gold, its market cap would need to grow roughly six times from its current level, resulting in a price of approximately $400,000 per BTC.

Scaramucci also discussed the recent approval of ten spot Bitcoin ETFs, describing them as “selling machines” that would spur increased retail and institutional demand for the crypto asset. These ETFs have already seen over $12 billion in net inflows, surpassing the Gold ETF (GLD), which took nearly one year to reach $10 billion in inflows after its launch in November 2004.

In addition to Bitcoin, Scaramucci expressed enthusiasm for other tokens, stating that SkyBridge Capital holds smaller positions in Solana, Avalanche, Algorand, and several others.

Meanwhile, technical analysts have also been bullish on Bitcoin's price action following the upcoming halving, scheduled for April 20. Pseudonymous analyst TechDev noted that whenever Bitcoin has closed two consecutive months above the upper Bollinger Band, its price has doubled within the next three months.

These bullish predictions align with Ripple CEO Brad Garlinghouse's outlook for the entire crypto sector, predicting that it would double in value by the end of the year, reaching $5 trillion. Garlinghouse attributed this growth to factors such as the upcoming halving, regulatory developments, and the increasing popularity of Bitcoin ETFs, which he believes are driving real institutional money into the industry.