Bitcoin Rally Looms: Anthony Scaramucci Sets Long-Term Target At $200,000

Cryptocurrency leader Bitcoin is in the limelight as Anthony Scaramucci, the founder of SkyBridge Capital, makes a daring forecast, envisioning BTC to reach an astounding $200,000 in the long run, as the digital asset continues to draw in investors from all around the world.

Scaramucci Optimistic About Bitcoin Long-Term Growth

SkyBridge Capital founder Anthony Scaramucci shared his insights regarding BTC’s long-term growth during a Thursday interview with Andrew Ross on CNBC’s Squawk Box. In the interview, Scaramucci delved into the early stages of Bitcoin adoption and how it could impact BTC.

When asked about the coin’s role as a safe haven amid market turmoil, Scaramucci responded that unless BTC’s user base reaches 1 billion, it will not fulfill its advertised potential as an inflation hedge or a store of value, suggesting inflation hedging features.

According to the founder, Bitcoin is still in its early stages, and it will continue to trade like other risky assets until it surpasses the aforementioned user base, which he expects to happen by the end of 2026 or even sooner. “Right now, it is going to be way more volatile than people like, and people look at it as a risk-on or risk-off trade until we get to that adoption curve,” he stated.

Emphasizing the potential upside and downside target, he noted that given the presence of a terrorist climate or war, BTC could witness a potential decline of up to 10 and 15%, as it is still a risk-on, risk-off asset. Despite the possible correction, Scaramucci is very optimistic about massive growth in the foreseeable future, placing his target at possibly $200,000.

He stated:

I don’t think you have a 50% downside, but you could have a 10 or 15% downside just because it is still a risk-on-risk-off asset. But Long-term, with the Halving coming this week, I think this thing trades for $270,000 possibly to $200,000. And that is consistent with where it has been over the 15 years of Bitcoin.

Addressing BTC’s volatility today, Scaramucci compares the current stage with the volatility of Amazon stocks witnessed in 1999. Given the growth of Amazon stocks over the years, the founder believes BTC will mirror this expansion and maybe even better. 

“If you are willing to hold the asset for 5 years, I think you will do very well in the end,” he added. Thus, he predicts that BTC’s investors will yield significant gains in the long term should they decide to hold since it is still in its infancy in terms of adoption.

Does BTC Offer A Safe Haven Amidst Market Turmoil?

Peter Schiff, a crypto critic and gold advocate, has also offered his insights on the subject, underscoring that BTC fails to provide an edge in times of market turmoil. According to Schiff, immediately after the Iranian Central Region Explosions and Israeli Airstrikes in Iraq, Bitcoin plummeted by 4% to $61,000, while Gold increased by 1.6% to $2,416. 

Due to this, he questioned the community about which digital token is highly speculative and which one is a safe haven. Schiff’s insights suggest that during worrying climate, Gold is more reliable than BTC as a store of value.

Featured image from iStock, chart from Tradingview.com