Skybridge Capital CEO Anthony Scarramucci says that Bitcoin (BTC) will “easily” reach the $500,000 mark in his view.
Speaking with CNBC, Scarramucci references ARK Invest CEO Cathie Wood’s thesis of Bitcoin adoption exploding in the coming years, pushing the price up to roughly $500,000. The hedge fund manager says “If Cathie Wood is correct,” there will be at least a billion Bitcoin wallets sometime between 2024 and 2025.
“These coins will easily trade at half a million dollars a coin. Remember you don’t even have Bitcoins for every millionaire in our society to own one coin.”
Scaramucci, a former White House Press Secretary under the Trump Administration, also addressed the hot topic of Bitcoin replacing gold as a store-of-value asset. While he predicts gold and Bitcoin will probably rise together, he sees BTC getting the more “exponential” gains while the yellow metal makes modest increases.
“When you get a technical property where there’s a massive improvement, that has a tendency to eclipse things, and so we had DVDs and we moved to Netflix and streaming. The Satoshi Nakamoto whitepaper basically put us into a new era, and the technical properties associated with Bitcoin are infinitely better than gold. You can move it costlessly, you can store it virtually costlessly, and it has this ledger that is completely missile locked.”
Scaramucci is not a Bitcoin maximalist either. In September he revealed that Skybridge was working on a $250 million fund for Algorand (ALGO). Algorand is an open source proof-of-stake (POS) blockchain that strives to be “carbon negative,” and Scaramucci thinks it could capture the hearts of traditional finance.
ALGO is up 638% on the year, which is actually quite modest compared to other coins like Shiba Inu which are up over eighty million per cent.
“I said I want to raise a fund, an ALGO-based fund that participates. We’ve raised $100 million so far, capping the fund at $250 million.
I’ve got a Bitcoin [BTC] fund. I have an Ethereum [ETH] fund. And we will soon have an ALGO fund. And I think those are three major blockchains, cryptocurrencies that are going to win and design the future.”