Bitcoin will trade between $50,000 and $100,000 in two to three years’ time, Anthony Scaramucci believes. Investors are piling back into crypto markets, with bitcoin jumping 26% and ethereum up 29% year-to-date. “You are taking on risk but you’re also believing in adoption,” Scaramucci told CNBC. Loading Something is loading.
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Bitcoin could top $50,000 in a few years’ time as cryptocurrencies rebound from a nightmare year, according to Anthony Scaramucci.
The SkyBridge Capital founder said he’s anticipating that 2023 will be a “recovery year” for digital assets. It will set up a longer-term bitcoin rally that will lift the token’s price to between $50,000 and $100,000, he believes.
“You are taking on risk, but you’re also believing in adoption,” Scaramucci told CNBC at a crypto conference in St Moritz, Switzerland, last week.
“So if we get the adoption right — and I believe we will — this could easily be a $50,000 to $100,000 asset over the next two to three years.”
Cryptocurrencies have rallied at the start of 2023, as traders increasingly anticipate the Federal Reserve will ease up on making outsized interest-rate hikes to tame inflation. The higher rates are, the more attractive it is for investors to park their money in an interest-bearing savings account rather than putting it into assets.
Leading cryptocurrency bitcoin has climbed 26% this year so far to trade around $21,000, while second-biggest token ether has jumped above $1,500 after a 29% surge.
But that rally has been nowhere near significant enough to recoup the losses logged by the cryptocurrencies in 2022.
Bitcoin and ether are both still down over 50% over the past year. Rising interest rates and the implosion of high-profile companies like FTX and Celsius Network have weighed on demand for crypto.
Scaramucci has continued to show faith in the sector despite the selloff. He said Monday he’ll be investing his own money into former FTX US president Brett Harrison’s new crypto start-up.
“Brett I am proud to be an investor in your new company. Go forward. Don’t look back. Wishing you the best,” Scaramucci said in reply to a Twitter thread where Harrison described his experience working for the failed crypto exchange.
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