The co-founder and managing partner of SkyBridge Capital, Anthony Scaramucci, has made a bold forecast for Bitcoin, predicting that its price could reach between $150,000 and $200,000 in the near future. This optimistic projection comes as Bitcoin wallets continue to surge, signaling increased adoption and investment in the cryptocurrency.

Bitcoin Wallets on the Rise

In an interview with the Schwarb network, Scaramucci highlighted the rapid growth in Bitcoin wallet numbers, which he believes will significantly impact Bitcoin’s price. According to Chainalysis, there were over 460 million Bitcoin wallets as of March 2024, with 10% holding at least $1. The data reveals that 78 million wallets currently contain at least $1, indicating a growing inclination towards Bitcoin as an asset.

Scaramucci asserts that Bitcoin’s value is poised to approach that of gold, a sentiment supported by the increasing number of Bitcoin wallets. The SkyBridge Capital co-founder likens Bitcoin to gold, suggesting that as a store of value, its market cap and price should trend towards those of the precious metal.

Bitcoin’s Market Cap Versus Gold’s

Gold’s market cap is estimated at $17 trillion, while Bitcoin’s market cap currently stands at $1.12 trillion. If Bitcoin’s market cap were to align with gold’s at its present circulating supply, its price would theoretically reach around $863,000. Scaramucci’s forecast of $150,000 to $200,000 reflects a more conservative projection, yet still represents a significant potential upside for Bitcoin.

Regulatory Challenges and Their Impact

Scaramucci also addressed the regulatory hurdles facing cryptocurrencies, particularly in the United States. He criticized the approach taken by the Securities and Exchange Commission (SEC) under Chair Gary Gensler, describing it as regulation-by-enforcement. Scaramucci believes this approach has impeded the growth and adoption of digital assets, a view echoed by other industry leaders.

The SkyBridge Capital co-founder pointed to the collapse of FTX and the subsequent regulatory crackdown as factors contributing to the challenging environment for cryptocurrencies. He expressed concern that such actions, while targeting bad actors, also adversely affect legitimate players in the crypto and blockchain sectors.

Stablecoins and the Future of the Dollar

In addition to discussing Bitcoin’s potential, Scaramucci shared his views on the future of the US dollar in the face of international developments. He expressed skepticism about the BRICS nations’ efforts to create alternative currencies and digital assets that could rival the dollar. Scaramucci believes that if the US government continues to support stablecoins like Tether’s USDT and Circle’s USDC, the dollar’s global relevance will be maintained.

The stablecoin sector has seen substantial growth, with Tether recently reporting a record net profit of $5.2 billion for the first half of the year. Scaramucci noted that Tether’s reserves include more Treasury assets than those held by major countries like Germany and Japan. He argues that leveraging the stablecoin sector could help preserve the dollar’s prominence on the global stage.

Conclusion

Anthony Scaramucci’s prediction that Bitcoin could reach between $150,000 and $200,000 reflects growing optimism about the cryptocurrency’s future, driven by increasing wallet adoption and its potential to rival gold’s market cap. However, regulatory challenges and the evolving landscape of stablecoins also play crucial roles in shaping Bitcoin’s trajectory and the broader financial environment. As the market continues to navigate these dynamics, Scaramucci’s insights offer a compelling perspective on Bitcoin’s potential and the factors influencing its future performance.