Anthony Scaramucci has again reiterated his stand on why he thinks bitcoin will still hit the $100,000 price target he had earlier set. Scaramucci had put forth this forecast when he was on Yahoo! Finance earlier in the year. The founder explained that bitcoin could easily be trading at $100,000 in 12 months.
Anthony Scaramucci who founded Skybridge Capital in 2005 has not always been bullish on bitcoin. But has slowly come around over the years and has now gotten into bitcoin. The CEO believes that more and more funds will get into bitcoin as time passes. His message to other money managers had been that he believed the performance of their funds will eventually be benched off of bitcoin.
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Scaramucci took this one step further when he founded the Skybridge Bitcoin Fund early this year. An institutional-grade fund that was created specifically to invest in bitcoin, which it considers to be the largest and most liquid digital asset.
Although the fund is less than a year old, it has already posted returns of about 50% in the second quarter of the year.
Bitcoin Still Has Some Growing To Do
Bitcoin price has consistently traded for about half its all-time high for the past month. Give or take some price spikes and dips over the weeks pushing it further down or up as the case may be. But the price of bitcoin generally remains on the low side. Despite this, Scaramucci still believes that the price of bitcoin is destined for $100,000 in the next year.
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In the interview, Anthony Scaramucci explained that a leverage blow-off top had happened to coincide with the launch of the famed Coinbase IPO. Alluding to this, he said this made it so that any little bit of bad news in such a leverage system will always result in a price shock in the market.
Scaramucci went ahead to add that for every bit of bad news surrounding bitcoin that was seen in the market, there has always been some good news. The number of funds coming into the market has increased. With more expected to come in.
Bitcoin price breaks $34,000 | Source: BTCUSD on TradingView.com
Adoption news rocked the markets as El Salvador adopted bitcoin as a legal tender back in June, with plans to officially implement it in September this year.
Commenting on the volatility, the CEO said this relates to the level of adoption in the world today. Pointing out that only about 2% of the world currently uses bitcoin.
Ethereum And Other Altcoins
Scaramucci’s faith in the bitcoin market also seems to extend to other digital assets. About a week ago, Scaramucci’s Skybridge Capital had launched an Ethereum fund. Following this, the firm had filed for an Ether ETF with the SEC. Alongside an already pending Bitcoin ETF that the firm had filed earlier in the year for its Bitcoin Fund.
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The founder has been very optimistic about the success of this Ethereum Fund. Even adding that he believes this fund would be able to raise more than $100 million from investors.
On top of this, Scaramucci revealed in the interview that he was researching other potential altcoins in order to launch a similar fund. But has so far been conservative due to the incredibly speculative nature of the space.
“We are going with the top-tier tokens. I tell clients repeatedly that there’s high risk and volatility in this. We believe that certain tokens will be adapted and very successful. Meaning over the next 20 years, I do believe bitcoin will be with us and scaling. I feel the same way about ethereum.” Anthony Scaramucci, Founder, Skybridge Capital.
Related Reading | Scaramucci’s Skybridge Capital Launches Ethereum Fund
Speaking with regards to dealing with the bear market, Scaramucci said that one needs to position size over the long term. According to him, if you’re going to be looking at your portfolio every day, then you probably should not be in the crypto market.
Featured image from Archyde, chart from TradingView.com