Anthony Scaramucci on Why Bitcoin Could Quadruple This Year

Anthony Scaramucci, the head of SkyBridge Capital, projects that Bitcoin could reach a value of $200,000 already within the year 2024. During an interview with CNBC, Scaramucci shared his insights, noting the pattern of significant price increases following Bitcoin’s halving events. These events, occurring approximately every four years, reduce the rewards given to miners by half, affecting the supply of Bitcoin and historically leading to substantial price surges.

The next halving is expected in April 2024. Scaramucci pointed out, “If you look at the last 14 years, you usually get a quadruple after a halving.” With Bitcoin’s price hovering around $57,000 recently, he speculated that a post-halving price could soar to $200,000 within 18 months of the event, assuming a starting price of $50,000 around the halving date.

Bitcoin’s price has been on an upward trajectory, currently trading at $62,245, marking an 5.3% increase in the last 24 hours and over 20% since a week ago. The surge is attributed to a limited supply and heightened demand, especially from the introduction of spot Bitcoin exchange-traded funds (ETFs). These ETFs are entering the market at a pace 12 to 14 times higher than the daily output of the Bitcoin network, squeezing the supply further. Additionally, Scaramucci highlighted the impact of short sellers on the market, stating, “And so that’s why you’re seeing this price squeeze and of course you do have people that don’t believe in Bitcoin that are short Bitcoin and so they’re getting wrecked right now.”