Former Trump communications chief sees Bitcoin doubling to $100K before year-end

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The founder of SkyBridge Capital said that the group’s Bitcoin Fund had performed impressively since its launch in December, and he is even more confident about its accomplishment moving forward.

Anthony Scaramucci, the former White House chief of communications, gave his company’s price target for Bitcoin and pointed out why they were so upbeat on the crypto.

According to a Benzinga report on Saturday, Scaramucci sees an aggressive demand and limited supply pushing bitcoin to almost double to $100,000 before the end of the year.

Bullish on bitcoin

“Be cautious,” he advised. But he added, “I do think we see $100,000 in this coin before year-end,” according to CNBC.

The hedge funder said in a recent press release that people should invest in Bitcoin (BTC) “at the size and scale of money that you don’t need in the short term, but I do think it has a very big future.”

Bitcoin scaled new heights on Friday, giving the most talked about digital asset a market cap of more than $1 trillion for the first time.

Bitcoin was up almost 6.5% during the day’s trading to hit an all-time peak above $55,000 and was on course for a weekly advance of around 15%.

To launch the Bitcoin Fund, SkyBridge and its affiliates poured in more than $25 million, with Fidelity serving as its custodian and Ernst & Young as the fund’s auditors.

Attractive store of value

Scaramucci argues that the current monetary devaluing, which is likely to lift the dollar supply by around 40% in the next few months, has made Bitcoin an appealing safe-haven asset.

On Thursday, Scaramucci told Yahoo Finance that the SkyBridge Bitcoin Fund is “approaching the $100 million level” in terms of assets under management.

The current ascent of bitcoin comes with plenty of institutional interest behind it, something that was lacking in 2018. Blue-chip financial companies are looking to be warming up on the crypto after Tesla and other notable companies have shown their fondness for the crypto.

Image courtesy of Journeyman Pictures/YouTube Screenshot

Jet Encila

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Jet Encila

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