Bitcoin could reach $500K per coin as BTC could rise exponentially, says Anthony Scaramucci
Scaramucci believes that Bitcoin could rise at an exponential rate as gold continues on its linear growth.
Mon, 15 Nov 2021, 11:25 am UTC
Most cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) set new all-time highs this month as the crypto market continued its rally. However, SkyBridge Capital's Anthony Scaramucci believes that Bitcoin’s rally is just getting started and the crypto could soar as high as $500,000.
Bitcoin recently set a new record when the crypto briefly soared past $69,000 for the first time last week. While BTC’s price has retreated and is currently traded at $65,900.91 at the time of writing, Scaramucci said on CNBC’s “Squawk Box” on Friday that “we are very, very early” in the game.
When asked if people should invest in Bitcoin now considering its current price level, the SkyBridge Capital founder replied “no question about that,” Bitcoin.com reported.
“This is very, very early for people,” Scaramucci said. “And I’m trying to do my best to explain to them why they need to own this right now.”
He noted Ark Invest CEO Cathie Wood who made an estimate that there will be a billion wallets by the end of 2024. “If Cathie Wood is correct, you have a billion wallets at the end of 2024 into the middle of 2025, these coins will easily trade at $500,000 a coin,” Scaramucci explained.
“JPMorgan said there are 49 million millionaires based on U.S. dollar fiat currency,” Scaramucci added. “You don’t even have enough [for each millionaire]. So, for me, I think this is a very scarce property.”
Bitcoin has been recently compared to gold as a store of value asset. However, Scaramucci believes that BTC is better than gold.
The technical properties associated with Bitcoin are infinitely better than gold,” Scaramucci explained. “You can move it move it costlessly, you can store it virtually costlessly and it has this ledger that is completely missile-locked – you can’t hack it.”
“With 21 million coins and its scarcity, the shortage of supply, the technical properties, I think it’s going to be ten times better than gold over a long period of time,” he said. “It will eventually eclipse gold.”
While Scaramucci believes that gold will still appreciate, its growth would be a lot slower than gold. “I’m not going to be surprised if Bitcoin goes up at an exponential rate and gold is going up at a linear one, he added.
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