Bitcoin Price Could Reach $100K With ETF Approval in Jan-2024
In a recent interview with BNN Bloomberg, Anthony Scaramucci, the founder and managing partner of SkyBridge, shared his insights on the performance of his funds in the realm of digital assets, including Bitcoin, and his perspectives on the future of cryptocurrency.
SkyBridge’s Stellar Performance with Cryptocurrency Investments:
SkyBridge’s cryptocurrency-focused funds, which include investments in Bitcoin, Ethereum, and Solana, have seen a remarkable 130% increase this year. In contrast, the company’s diversified core fund has experienced a more modest growth of 25%. This disparity underscores the significant impact digital assets have on the firm’s overall performance.
Scaramucci expressed optimism about the potential approval of a Bitcoin ETF by the SEC, anticipating a decision as early as January 2024. Despite concerns about regulatory challenges, he remains confident in the resilience and growth potential of Bitcoin.
Advice for Individual Investors:
Echoing Warren Buffet’s investment philosophy, Scaramucci advises individual investors to consider a small yet significant position in Bitcoin. Suggesting an initial investment of 1-3%, possibly up to 5%, he highlights Bitcoin’s lack of correlation with traditional assets like stocks and bonds, noting its positive impact even in times of modest S&P returns.
In a statement that resonates with crypto enthusiasts, Scaramucci likens Bitcoin to digital gold, citing its current market value and potential for growth. He suggests that if Bitcoin is to be considered digital gold, it should reach market valuations similar to that of traditional gold.
Reflecting on his past predictions, Scaramucci reaffirms his belief that Bitcoin could reach $100,000, albeit later than initially expected. He envisions Bitcoin becoming a $4 trillion asset, paralleling the $10 trillion valuation of gold, while cautioning investors about its inherent volatility and the need for patience.
Source: Read Full Article