Bitcoin, VOC, Voice Of Crypto
The upcoming halving event is expected to trigger a price surge.
Investor Anthony Scaramucci forecasts Bitcoin to reach $170,000 during this cycle.
The 11 January introduction of Bitcoin ETFs is seen as positive, injecting liquidity and boosting investor confidence.
Scaramucci highlights the rising US debt as a factor driving interest towards Bitcoin as a hedge.
Despite optimism, Scaramucci acknowledges Bitcoin's volatility but maintains his bullish stance on the flagship cryptocurrency.
Bitcoin, the largest and most popular cryptocurrency on the market is on the verge of one of the biggest defining moments in the last four years:
The halving.
That event in which the reward for Bitcoin miners will get cut from around 6.25 per block, to to 3.15 Bitcoin per block.
Historically, market participants, investors and traders have seen Bitcoin explode upwards at the end of this event, and are starting to expect the same from the flagship cryptocurrency again, this time around.
One of these investors is the legendary investor, Anthony Scaramucci, the founder of SkyBridge Capital.
In a recent interview with CNBC, Scaramucci asserted that Bitcoin has the potential to surge up to tenfold from its current valuation
Scaramucci in said interview with CNBC, shared quite a few insights on where he believes Bitcoin to be headed.
He noted that the halving isn’t even close to being priced in, and Bitcoin still has “a lot more to go.” before hitting a peak.
Scaramucci went further to say that he expects Bitcoin to rally monumentally, to around $170,000 at least in this cycle.
“Bitcoin is a cyclical product, It goes through pulls and drags. Typically, it moves 4x within 18 months of the halving. But let’s be a bit conservative on the price, it’s still $170,000 for this cycle.”
Scaramucci also argues that in light of the upcoming halving, Bitcoin still has a lot of room for significant growth, with the potential to increase six to tenfold.
The introduction of the Bitcoin ETFs has also injected around $10 billion worth of fresh liquidity into the market, in just three months of trading.
For some context, it took the United States' first gold ETF — SPDR Gold Shares (GLD) — a whole two years to achieve this feat.
This massive liquidity inflow into Bitcoin shows that confidence in its potential is growing and that even traditional finance corporations are increasingly embracing acceptance.
However, this is not to say that things are straightforward.
Scaramucci also emphasized that Bitcoin’s journey is fraught with volatility.
With this in mind, the investor remains steadfast in his bullish outlook, even tweeting “Buy Bitcoin, Get Ready” a few days before the CNBC interview.
Scaramucci
Scaramucci’s “buy Bitcoin, get ready” stance was bolstered by concerns over the U.S. federal debt, projected to reach 116% of GDP in the next decade, or by 2034.
This alarming trend shows the need for solutions like Bitcoin, which provides a hedge against inflation, and a valid store of value, all in one.
Overall, as the halving event approaches, everyone is starting to ask:
Will Bitcoin explode as many experts and analysts have predicted so far?
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.