Skybridge Expects Bitcoin To Hit $300,000 In 6 Years – “You’re Going To See A Lot More Trading Activity” – Bitcoin Planet Markets & Prices

Skybridge Capital is “rather optimistic” about bitcoin and ethereum over the next 12-24 months. The founder of the global asset management firm explained that the world’s largest cryptocurrency could hit $300,000 in six years, urging investors to “relax” and “stay long term”.

Skybridge optimistic about Bitcoin and Ethereum

Anthony Scaramucci, founder and managing partner of global asset management firm Skybridge Capital, shared his company’s outlook for bitcoin and ethereum in an interview with CNBC on Friday.

Responding to a question about the end of the crypto winter, he said, “I want to caution people to see through the current environment,” citing better than expected economic data such as inflation numbers and unemployment figures published last week.

“The crypto market, we think most of the leverage is completely out of this system. You are therefore witnessing a very strong recovery”, described the founder of Skybridge, specifying:

It’s a reminder to investors not to back down, to fight their own fear, to be patient and to stay for the long haul.

“We pressed pause. The pandemic has created this havoc. We put a lot of money into the system, which caused some inflation and, of course, disrupted the supply chain. But you could very well go back to that fourth quarter of 2019, which was a very strong economy – low unemployment and benign inflation. It’s probably in 6 to 12 months. I think the market is starting to realize that,” he said.

Skybridge’s largest crypto positions are in bitcoin and ethereum, he noted, adding that the company also likes solana and has “a very large position” in algorand.

Sharing his outlook for bitcoin specifically, Scaramucci described “the improved Lightning Network, increased applications, and ease of bitcoin transactions,” noting:

You’re going to see a lot more commercial activity there.

Meanwhile, “You have The Merge with Ethereum, which is going to lower transaction fees on that network. A lot of traders are probably buying this rumour… They will probably sell on the news of The Merge, which will be in mid-September,” he said. “I would advise people not to do that. They are excellent long-term investments.

The founder of Skybridge pointed out:

Over the next six years, if we’re right, if bitcoin hits $300,000 a coin, it doesn’t matter if you buy it at $20,000 or $60,000. It really won’t matter.

“And I’m just warning people, the future is upon us. It’s happening sooner than I thought,” he continued.

Scaramucci then referenced Blackrock, the world’s largest asset manager, which recently launched a private bitcoin trust, citing “significant” demand from some institutional investors. “Finally, Larry Fink [the CEO of Blackrock] sees institutional demand. Otherwise, he wouldn’t be setting up these products and teaming up with Coinbase,” the Skybridge founder said. “When this happens, I want to remind people that there are only 21 million bitcoins, and you will have a demand shock with very little supply.”

Earlier this month, Scaramucci said Bitcoin’s fair market value was $40,000 and Ethereum’s was $2,800. In March, he doubled down on his company’s forecast that bitcoin would hit $100,000 by the end of this year and $500,000 in the long run.

Scaramucci discourages people from investing based on emotion, noting that the message he tries to send to investors is “see through it.”

“If you’re out of the market for the best 10 days, you reduce your return from a 7.5% return to a 2% return. That’s the overall stock market,” he said. There are a lot of short-term people, a lot of research departments, and different connection houses that have knee-jerk reactions to things and get overly emotional.”

While emphasizing, “We’re trying to tell people, relax, see through this,” Scaramucci remarked:

We see a fairly bullish scenario for Bitcoin, Ethereum, Solana, and Algorand over the next 12-24 months.

What do you think of the words of the founder of Skybridge Capital? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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