The founder of Skybridge Capital has doubled his price prediction of $100,000 in bitcoins. He also thinks bitcoin could hit $500,000 per coin in the long run. “But we have work to do here from a regulatory point of view,” he said. The executive also outlined how an average investor should get started in bitcoin.
The founder of Skybridge Capital on the price of Bitcoin
Founder of investment management firm Skybridge Capital, Anthony Scaramucci, spoke about bitcoin’s future prospects on Friday in an interview with Melissa Francis on Magnify by TIFIN.
Scaramucci was waiting for the price of BTC to reach $100,000 by the end of last year. However, he admitted 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. In place, BTC has corrected to the $40,000 level from its all-time high of $68,892 based on data from Bitcoin.com Markets.
Nevertheless, the founder of Skybridge Capital estimates that the price of bitcoin could reach $100,000 this year. He issued the following opinion:
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 need to calm the markets down a bit. We have to get through Covid. But it’s not going anywhere,” he said.
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 warning that there will be volatility, Scaramucci noted:
The only way to manage technology like this is to calculate the average cost and buy a little bit each month.
Regarding the percentage of a paycheck an average investor should invest in bitcoin, Scaramucci advised, “I would pick a number you’re comfortable with and buy a little each 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 have to be part of it. I think it would be a mistake to be underinvested or not invest 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 reach $500,000 apiece.
Noting that “this is an early adoption technology,” the Skybridge Capital executive warned: “It will be very volatile. There will be periods when bitcoin crashes, down more than 50%. he pointed out:
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 some time. In November last year he encouraged investors to start buying BTCstating, “It’s very, very early for people…I’m trying to do my best to explain to them why they have to own this right now.”
What do you think of Scaramucci’s advice? Let us know in the comments section below.
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