Amid Bitcoin’s price soaring past the $50,000 mark, Skybridge Capital founder Anthony Scaramucci says it’s not too late to buy Bitcoin. Scaramucci took to the social media platform X to emphasize his resolute stance: “With bitcoin back over $50k, average investor again wondering: ‘did I miss buying opportunity?’ The answer is hard ‘no.'”
Three Key Factors Driving Bitcoin’s Rise
Scaramucci points to three pivotal factors that, in his view, will propel Bitcoin’s price even higher. Firstly, he highlights falling interest rates, making assets like Bitcoin more appealing to investors. Secondly, he anticipates a surge in demand for spot Bitcoin exchange-traded funds (ETFs), bringing in “billions in new flows” to the market. Lastly, he underscores the upcoming Bitcoin halving, set to occur in approximately two months, as a catalyst for further growth.
Bold Prediction for Bitcoin’s Future
In January, Scaramucci boldly predicted that if Bitcoin maintains its current levels until the halving in April, it could surpass $170,000 by mid-to-late 2025. With BTC currently trading at $49,653.97, he foresees a “face-ripping rally incoming.”
Wall Street Inflow and Global Adoption
The Skybridge founder says it’s not too late to buy Bitcoin. Moreover, Scaramucci cites the exponential growth of wallets and the global adoption of Bitcoin as driving forces that will keep pushing BTC prices higher through 2024. He advises investors to adopt a “buy and hold strategy,” emphasizing the long-term potential of Bitcoin.
A Bullish Outlook for Bitcoin
As Bitcoin continues its upward trajectory, Scaramucci’s optimistic outlook remains steadfast. The convergence of falling interest rates, rising demand for ETFs, and the impending halving paints a bullish picture of Bitcoin’s future. For those who may be apprehensive about missing the boat, Scaramucci’s resounding “no” echoes the sentiment that the cryptocurrency journey is far from over, with potential gains awaiting those who choose to ride the wave.
Bitcoin: A Novel and Global Asset
In a recent CNBC interview, Michael Saylor, the executive chairman of Microstrategy, shed light on why Bitcoin has risen to claim the title of the world’s most sought-after investment asset. With Microstrategy currently holding 190,000 BTC and proudly asserting itself as the world’s inaugural Bitcoin development company, Saylor delved into the factors driving Bitcoin’s unprecedented popularity.
Saylor attributed Bitcoin’s surging popularity to its unique characteristics, labelling it as novel, digital, global, and uncorrelated to traditional risk assets. He emphasized that Bitcoin lacks exposure to specific countries, currencies, companies, and other conventional risk factors, making it an attractive addition to the portfolios of responsible investors. Saylor remarked, “It’s now the world’s most popular investment asset.”
Pent-up Demand Unleashed Through ETFs
Highlighting a crucial aspect of Bitcoin’s recent surge, Saylor noted that there has been a decade-long pent-up demand for spot Bitcoin exchange-traded funds (ETFs). These ETFs now provide mainstream investors with accessible entry points into the world of Bitcoin. Saylor expressed his belief that this accessibility is driving a significant influx of capital into the cryptocurrency.
Rebalancing Dynamics and ETF Impact
Saylor provided insights into the dynamics following the launch of spot Bitcoin ETFs, mentioning an initial rebalancing phase as capital shifted between the futures market, miners, Microstrategy, and the ETFs. However, he asserted that after this rebalancing period, Bitcoin has found its footing. Notably, Saylor stated, “There’s 10 times as much demand for bitcoin coming in through these ETFs as there is supply coming from the natural sellers who are the miners.”
As Bitcoin continues to break barriers and establish itself as the world’s premier investment asset, Michael Saylor’s observations offer a glimpse into the factors fueling its meteoric rise.
Also Read: Spot ETH ETFs at Crossroads: 50% Chance of Regulatory Approval Sparks Investor Anticipation.
