Markets
Bitcoin Price Will Reach $100,000 Thanks to a Series of Positive Factors: Scaramucci
- Anthony Scaramucci said that Bitcoin is still on track to see a strong rally by the end of the year.
- The well-known cryptocurrency proponent pointed to several triggers that could push the cryptocurrency price to 100,000.
- These catalysts include decreased selling pressure, cryptocurrency refunds, and promising legislation.
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According to Anthony Scaramucci, Bitcoin is still on track to nearly double its current value this year, despite the cryptocurrency’s sharp sell-off.
The founder of Skyridge Capital and cryptocurrency bull for a long time said he saw a number of bullish factors awaiting bitcoin. Despite the coin’s 17% decline in the past 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 The CNBC in an interview on Monday.
“We continue to appreciate the fundamentals of bitcoin over the long term,” he added, pointing to three positive factors for the cryptocurrency.
1. More bitcoin returns to investors.
Bitcoin investors could be the recipients of a wave of cryptocurrency payments and will likely reinject a significant portion of them into the market, Scaramucci said.
Mount GoxThe defunct cryptocurrency exchange that went bust a decade ago is already starting to repay the $9 billion it owes to its creditors and customers, the company said in a declaration last week.
FTXThe crypto exchange that collapsed and rocked the digital asset market in 2022 is also planning to refund most of its depositors in full. This could return up to $16 billion of cryptocurrencies to investors, the exchange’s lawyers said.
Scaramucci estimated that about 40-50% of the gains could end up being reinvested in cryptocurrencies, depending on the loyalty of many of the early “hardcore” bitcoin investors.
“A lot of this money was in bitcoin, it was frozen in the bankruptcy, it was dollarized, unfortunately, at low figures per bitcoin, but it will be coming back to the account holders shortly and we think a lot of this money will be coming back into the asset,” he said of FTX customer deposits.
2. Bitcoin is becoming more and more widespread.
Lawmakers have introduced a I count establish a regulatory framework for cryptocurrencies. 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, very prominently in the GOP platform, is the protection of digital assets and the protections specific to bitcoin,” he added. “To me, I think it’s a very strong conclusion that this is going to be an acceptable asset class in the long run in the United States.”
3. The selling pressure will eventually ease.
Bitcoin’s price dropped partly due to temporary selling pressure, Scaramucci said.
Bitcoin Halving Eventfor example, it has fueled some selling pressure among miners trying to keep profits afloat, he noted, while Mount Gox redemptions have also fueled some selling pressure from investors regaining access to their cryptocurrency investments.
The German government also dumped several hundred million in cryptocurrencies after law enforcement seized about $2.2 billion in bitcoin from a movie piracy site in 2024. The government sent another $155 million in bitcoin at various cryptocurrency exchanges and market makers on Monday, according to data from blockchain analytics site Arkhan Intelligence.
However, those selling pressures will likely ease, Scaramucci said. That’s in line with other cryptocurrency analysts, who have predicted the the currency will recover from the crisis over the next few months, as sellers pull out.
Bitcoin rallied slightly on Tuesday, trading around $57,000. Despite the recent sell-off, the cryptocurrency is still up 29% from its year-to-date levels, reflecting more bullish sentiment among risk assets.