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.
“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.
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
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