The founder of Skybridge Capital has doubled down on his $100K bitcoin price prediction. He also believes that bitcoin could reach $500K a coin in the long run. “But we’ve got some work to do here from a regulatory perspective,” he stressed. The executive also advised how an average investor should get into bitcoin.
The founder of Skybridge Capital on the price of Bitcoin
The founder of investment management firm Skybridge Capital, Anthony Scaramucci, spoke about the future prospects of bitcoin on Friday in an interview with Melissa Francis on Magnifi by TIFIN.
Scaramucci expected the price of BTC to reach $100,000 by the end of last year. However, he admitted that he “did not assess the regulatory environment appropriately” after the U.S. Securities and Exchange Commission (SEC) approved bitcoin futures exchange-traded funds (ETFs).
“I thought once you had bitcoin futures [ETFs], you would end up with the money pretty immediately. Too much political headwind for that,” he explained. Instead, BTC corrected down to the $40,000 level from its all-time high of $68,892 based on data from Bitcoin.com Markets.
Nonetheless, the Skybridge Capital founder believes that the price of bitcoin could reach $100,000 this year. He opined:
Could it get there this year? Yes. Is he likely to get there in two years? I am very confident of it. But we have work to do here from a regulatory point of view.
“We got to get the markets to calm down a little bit. We’ve got to get through Covid. But it’s not going anywhere,” he stressed.
How an average investor should get into bitcoin
The founder of Skybridge Capital was also asked what he would do if he was an average investor who didn’t invest in crypto. “I would buy some,” he replied quickly. However, he added: “I would average.”
While cautioning that there will be volatility, Scaramucci noted:
The only way to manage technology like this is to average out the dollar cost and buy a little each month.
Regarding what percentage of a paycheck an average investor should put into bitcoin, Scaramucci advised: “I would pick a number that you are comfortable with and buy a little every month.” He recommends putting between 1% and 4%.
“I put 4% of Skybridge’s money into bitcoin,” he shared. “I started with a cost position of 4%… If you talked to me at the top, it ended up being 22%,” he detailed, adding that it “then fell to about 15% “.
He continued: “I think you’ve got to be part of that. I think it would be a mistake to be under-invested or zero-invested in blockchain and cryptocurrency.”
$500,000 per bitcoin
Scaramucci also commented on how high the price of bitcoin could reach in the long term, reiterating his previous prediction that BTC could hit $500,000 a coin.
Noting that “This is early adopting technology,” the Skybridge Capital executive warned: “This will be very volatile. There’ll be periods of time where bitcoin will crash, down 50 plus percent.” Nonetheless, he emphasized:
But if you’re willing to zoom out and look at the long-term chart and look at the adoption story, could bitcoin hit half a million dollars a coin? I believe him.
Scaramucci has been bullish on bitcoin for quite some time. In November last year, he encouraged investors to start buying BTC, stating: “This is very, very early for people … I’m trying to do my best to explain to them why they need to own this right now.”
