Bitcoin could “easily” reach $100,000 by 2022, says Anthony Scaramucci


Anthony Scaramucci, founder of $9.2 billion hedge fund SkyBridge Capital who also served (albeit briefly) as communications director in the Trump administration, said that Bitcoin (BTC) could “easily trade” at $100,000 within a year, Forbes reported today.

“You’re going to be benchmarked off of Bitcoin, meaning in your mosaic of stocks and bonds and alternatives and gold, there’ll be a few percentage points related to digital currency,” said Scaramucci, adding, “And since Bitcoin is the winner of that battle, it’ll likely be Bitcoin. So if you’re not going to be an investor in Bitcoin you’re effectively short Bitcoin.”

Last December, Scaramucci’s fund itself filed a Regulation D form with the U.S. Securities and Exchange Commission for a crypto fund. The SkyBridge Bitcoin Fund L.P. opened to investors in January, with SkyBridge initially putting $25 million of its capital in it.

“One of the things we tried to do is democratize the hedge fund industry and Bitcoin is still somewhat difficult to buy,” Scaramucci said at the time, adding, “So, we think there’s a very large move for Bitcoin over the next five to ten years.”

Today, SkyBridge’s Bitcoin fund is “heading towards $100 million” in assets under its management, Scaramucci said, while there is “a very big future” in front of Bitcoin. In total, SkyBridge currently holds roughly $500 million in Bitcoin across its investments.

“My performance was smashed last year last March as a result of the pandemic. The SkyBridge Series G fund is up 33% since April 1, and some of that frankly has been the move in Bitcoin that we took advantage of in the fourth quarter of last year,” Scaramucci added.

However, he also noted that Bitcoin is still a volatile asset that is susceptible to unpredictable price movements.

“Some of what you’re seeing this week is short squeeze, very akin to what would have happened to Tesla, where the non-believers in Tesla were out of their shorts, same thing sort of happening here to Bitcoin,” he said.

As CryptoSlate reported, Elon Musk’s tech company Tesla revealed its $1.5 billion investment in Bitcoin on Monday.

Like what you see? Subscribe for daily updates.



Source link

Latest articles

Jack Dorsey’s Square has ‘no plans’ to purchase more Bitcoin ‘at this point’

Digital payments company Square, led by Twitter CEO Jack Dorsey, decided to hit the brakes—at least for the time being—on Bitcoin...

Bitfinex hacker will need 114 years to launder $7 billion worth of stolen Bitcoin

Only 4% of nearly 120,000 Bitcoin (around $7 billion today) stolen by a hacker from crypto exchange Bitfinex in 2016 have...

This firm turned an old power plant into Bitcoin farm—and mined $60 million in a year

Over the past few years, private equity firm Atlas Holdings has created arguably the most ambitious and self-sufficient Bitcoin mining facility...

Mark Cuban reaffirms Bitcoin plans after Tesla snub sparks concerns

Billionaire ‘Shark Tank’ star Mark Cuban said today that Dallas Mavericks, the Cuban-owned NBA basketball team, will continue to accept Bitcoin...

Related articles

Leave a reply

Please enter your comment!
Please enter your name here