{"id":17451,"date":"2024-04-07T13:01:32","date_gmt":"2024-04-07T13:01:32","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=17451"},"modified":"2024-04-07T12:06:47","modified_gmt":"2024-04-07T12:06:47","slug":"scaramucci-bitcoin-rise","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/scaramucci-bitcoin-rise\/","title":{"rendered":"Scaramucci of SkyBridge Predicts Bitcoin Will Reach $170,000"},"content":{"rendered":"<p>Anthony Scaramucci of SkyBridge Capital is still <strong>optimistic about Bitcoin<\/strong> in spite of the fact that it just declined from a record high of $74,000, driven by a wider market selloff and the introduction of spot Bitcoin ETFs.<\/p>\n<p>Scaramucci emphasized in a CNBC interview that the first quarter alone saw an inflow of over $10 billion into BTC, surpassing the growth of the gold ETF (GLD (NYSE:GLD)), which required a year to reach the same milestone.<\/p>\n<p>Speaking about Bitcoin as a hedge against inflation and currency depreciation, Scaramucci stated that although he does not see Bitcoin turning into a large digital store of value like to gold, he does see it as a worldwide standard. According to Scaramucci, the market worth of the <a href=\"https:\/\/coinengineer.net\/blog\/coinbase-analyst-comments-on-bitcoins-performance\/\">flagship currency<\/a> may approach <strong>half that of gold<\/strong>, indicating \u201ca six to eight, ten times move from here, but it will come with great volatility.\u201d<\/p>\n<h2>Target Price of Bitcoin<\/h2>\n<p>Scaramucci addressed the <strong><a href=\"https:\/\/www.coindesk.com\/markets\/2023\/12\/06\/bitcoin-and-the-predictability-of-crypto-market-cycles\/\">cyclicality<\/a> and volatility<\/strong> of Bitcoin by establishing a conservative target price of $170,000 for the cryptocurrency throughout the current cycle. He did, however, recognize the market&#8217;s speculative character as well as the influence of waves of adoption and demand.<\/p>\n<p>Scaramucci concluded by attributing a healthier cryptocurrency ecosystem to the system&#8217;s exposure to leverage and fraud, which resulted from the delayed licensing of spot Bitcoin ETFs.<\/p>\n<p><em>You can freely share your thoughts and comments about the topic in the comment section. Additionally, please don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram<\/strong>,<\/a>\u00a0<a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest news and updates instantly.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Anthony Scaramucci of SkyBridge Capital is still optimistic about Bitcoin in spite of the fact that it just declined from a record high of $74,000, driven by a wider market selloff and the introduction of spot Bitcoin ETFs. Scaramucci emphasized in a CNBC interview that the first quarter alone saw an inflow of over $10<\/p>\n","protected":false},"author":6,"featured_media":17452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,7,2],"tags":[5103,1766,2879],"class_list":["post-17451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coin-analysis","category-market-analysis","category-news","tag-anthony-scaramucci","tag-bitcoin-btc","tag-bitcoin-bull-analysis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Scaramucci of SkyBridge Predicts Bitcoin Will Reach $170,000 - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Discover Anthony Scaramucci&#039;s optimistic view on Bitcoin. 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