SkyBridge CEO: Bitcoin Poised for Further Growth, Could Reach Half the Value of Gold

Bitcoin (BTC) has the potential for significant growth and could one day reach a market value of about half the global gold market, according to Anthony Scaramucci, the CEO of SkyBridge Capital. In an interview with CNBC on April 6, Scaramucci predicted that Bitcoin could reach as high as $170,000 during this market cycle, but emphasized that this growth would occur over a longer period of time. He acknowledged that there would be volatility along the way. Currently, Bitcoin has a market capitalization of $1.35 trillion, while the total value of gold is $15.8 trillion. In order for Bitcoin to reach half the value of gold, its market cap would need to increase by approximately six times, resulting in a price of around $400,000 per BTC. Scaramucci also expressed optimism about the recently approved spot Bitcoin ETFs, believing that they would generate increased demand for the cryptocurrency from both retail and institutional investors. These ETFs have seen over $12 billion in net inflows across ten products. In contrast, it took nearly a year for the Gold ETF to reach $10 billion in inflows after its launch in 2004. Scaramucci, like many others, sees the upcoming Bitcoin halving, scheduled for April 20, as a catalyst for short-term price appreciation. He also mentioned that SkyBridge Capital holds smaller positions in other tokens such as Solana (SOL), Avalanche (AVAX), and Algorand (ALGO). Technical analysts have also made bullish predictions for Bitcoin, with some suggesting that its price could double within the next three months. Ripple CEO Brad Garlinghouse joined the bullish sentiment, predicting that the entire crypto sector would double in value by the end of the year, reaching $5 trillion. He cited the upcoming halving, regulatory developments, and the growing popularity of Bitcoin ETFs as factors that would contribute to broader crypto adoption.