Scaramucci Tells Investors To Buy Bitcoin – The Asset Will Reach $500K
Skybridge Capital’s Anthony Scaramucci has urged investors to purchase bitcoin despite its current price which many believe to be on the higher side. He believes in the long term the BTC price will appreciate greatly.
The head of the asset management firm explains that bitcoin is barely at its peak, and now is a perfect time for investors to get into the digital asset. Scaramucci explained that getting into bitcoin is a need, opining that even investors who buy at the current prices are still very early.
Scaramucci is not alone with his optimistic prediction. Majority of analysts have put Bitcoin value at $100,000 before year-end. Going off ARK Invest’s Cathie Wood’s prediction for the asset that it would over a billion wallets by the middle of 2025, the CEO put BTC at $500,000 a coin. Scaramucci said:
“These coins will easily trade at $500,000 a coin. Remember, you don’t even have enough bitcoin for every millionaire in our society to earn one coin.”
Wood’s prediction is at the same level. She has reiterated her stance on the matter multiple times throughout the year.
Scaramucci also referred to the scarcity of bitcoin. At the digital asset will only ever have 21 million coins no matter where the price ends up. He said:
“You don’t even have enough for each millionaire. So for me, I think this is a very scarce property.”
What Drives Bitcoin Price?
A lot of it comes down to adoption. Scaramucci’s $500,000 prediction happen when the number of bitcoin wallets reach a billion, which is predicted to happen by 2025. Cathie Wood agrees, but adds that institutional investors diversifying their portfolios will also play a major role in driving up the price of the asset.
Nigel Green, the Founder, and CEO of deVere Group, say that inflation will be the biggest driver of growth for BTC. This is because investors will need a way to protect their assets from being eaten by inflation and bitcoin is the perfect candidate for that.
Some market analysts believe that movement trends are indicative of a big blowout in the coming years. One thing that remains constant is that they all see the price of bitcoin doing incredibly well in the future, echoing Scaramucci’s message of ‘buy bitcoin now.’
