Anthony Scaramucci, the founder of SkyBridge Capital and a former White House communications director, is bullish on bitcoin. He believes that the leading cryptocurrency will skyrocket to $700,000 by 2030, representing a 2,662% increase from its current price of around $28,000.
Scaramucci made this bold prediction in an interview on YouTube, where he explained his rationale for investing in bitcoin and launching his own bitcoin fund. He said that bitcoin is a scarce and valuable asset that will benefit from the growing adoption and innovation in the crypto space.
He compared bitcoin to Amazon, which started as an online bookstore and expanded into a global e-commerce giant. He said that bitcoin is evolving from a store of value to a medium of exchange and a unit of account, thanks to the development of technologies such as the Lightning Network and Taproot.
He also said that bitcoin is a hedge against inflation and currency debasement, as central banks around the world print more money to stimulate the economy. He said that bitcoin has a fixed supply of 21 million coins, which makes it more attractive than fiat currencies that lose their purchasing power over time.
Scaramucci is not the only prominent investor who is optimistic about bitcoin’s future. Michael Saylor, the CEO of MicroStrategy, has invested over $1 billion in bitcoin and said that it could reach $1 million in the next decade. Paul Tudor Jones, a legendary hedge fund manager, has allocated 2% of his portfolio to bitcoin and said that it is the best inflation trade.
However, not everyone shares Scaramucci’s enthusiasm for bitcoin. Some critics argue that bitcoin is too volatile, risky, and speculative to be a reliable investment. They also point out the challenges that bitcoin faces from regulation, competition, and environmental concerns.
Here is the history of his wrong predictions:
- In October 2020, Scaramucci told CNBC that bitcoin could “easily trade at $500,000 a coin,” pointing to the number of high-net-worth individuals vs. the finite supply of the cryptocurrency.
- In December 2020, Scaramucci launched his own bitcoin fund, SkyBridge Bitcoin Fund, and said that he saw bitcoin going to $100,000 by the end of 2021. He also said that he believed bitcoin was worth about $40,000 intrinsically.
- In May 2021, Scaramucci predicted that bitcoin would reach $200 billion in market capitalization by the end of 2021, implying a price of around $100,000 per coin. He also said that he expected bitcoin to have “explosive returns” in the next decade.