Bitcoin
BTC
The bitcoin price—and to a lesser extent the ethereum price—have been driven by a narrative that bitcoin is an emerging inflation hedge, though Billionaire hedge fund manager Paul Tudor Jones this week issued a stark inflation warning.
Now, the chief executive of hedge fund SkyBridge Capital, Anthony Scaramucci, who found fame as U.S. president Donald Trump’s short-lived communications director, has issued a bullish crypto price prediction—shortly after another major bitcoin investor predicted a looming “stampede.”
It’s at the beginning of a bull run you need up-to-date information the most! Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market
The 2023 bitcoin price rally has stalled this month but some bullish investors have issued … [+]
“We think intrinsically bitcoin is worth about $40,000,” Scaramucci told Bloomberg this week, implying a 50% increase to the current bitcoin price of around $26,000 per bitcoin and potentially adding some $200 billion to bitcoin’s $500 billion market capitalization.
Bitcoin mining activity and wallet growth were named by Scaramucci as potentially contributing to “explosive returns” for the bitcoin price if global wallet adoption climbs from its current 4% to 8%, predicting the crypto market is currently “where the internet was in 1998” and calling on “people to be patient.”
Last month, Forbes revealed the Himalayan kingdom of Bhutan has set up a bitcoin mining operation for years even as the U.S. Biden administration plots a bitcoin mining crackdown.
“Global markets are seeing signs of increased crypto asset purchases, especially in areas hit with sharp currency depreciation such as Turkey, Pakistan and Argentina,” Noelle Acheson, a crypto market analyst, wrote in an emailed note.
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious
The bitcoin price has bounced back this year but remains far below the peak bitcoin and the ethereum … [+]
Scaramucci, who earlier this year forecast 2023 would be bitcoin’s “recovery year,” put bitcoin’s current malaise down to the implosion of Sam Bankman-Fried’s major bitcoin, ethereum and crypto exchange FTX late last year—something that triggered a flood of regulatory warnings and caused one high-profile billionaire investor to declare “crypto dead in America.”
“It was almost like if John Meriwether and Bernie Madoff had a baby, it was Sam Bankman-Fried,” Scaramucci said. “You got everything in that story. You got fraud, you got over-leverage, you’ve got excess confidence. And it caused a really big depression in the markets. And the market is probably overshot to the downside.”
