Anthony Scaramucci, the founder and managing partner of hedge fund SkyBridge, has shared an optimistic outlook for Bitcoin’s future, suggesting that its price could potentially reach $170,000 in the coming year.

Scaramucci’s prediction is based on two key factors, including the growing demand for newly listed exchange-traded funds (ETFs) and the upcoming halving event scheduled for April.

Scaramucci made this bold prediction during an interview at the Reuters Global Markets Forum, held in the picturesque Swiss ski resort of Davos.

He explained that if Bitcoin (BTC) were to maintain its current price of around $45,000 at the time of the halving, it could see a remarkable surge to $170,000 by mid- to late 2025.

The halving event, a technical occurrence in the Bitcoin network, is designed to reduce the rate at which new Bitcoins are introduced into circulation.

Scaramucci believes that the price of Bitcoin could potentially quadruple within the 18 months following the halving, regardless of its starting price in April.

Bitcoin Price Retraces After Spot ETF Approvals

Last week, the cryptocurrency briefly soared above $49,000, driven by the exciting news of spot Bitcoin ETFs gaining regulatory approval to trade on U.S. exchanges.

However, Bitcoin’s price has since retraced to hover around the $42,000 mark.

Scaramucci attributed this pullback to investors shifting their holdings from the Grayscale Bitcoin Trust to the newly approved spot ETFs.

He noted that it might take another eight to ten trading days to fully assess the impact of these recently listed funds on Bitcoin’s price.

The approval of spot Bitcoin ETFs in the United States is a significant milestone for the cryptocurrency industry.

It follows years of relentless efforts and applications from various firms, including SkyBridge, which had faced rejection in 2022.

Furthermore, SkyBridge has ambitious plans for the future, as Scaramucci revealed during the interview.

The hedge fund intends to launch a new fund that will combine investments in various crypto tokens with a focus on digital asset-focused venture capital.

Scaramucci also expressed optimism regarding the performance of structured credit, highlighting the potential for robust returns in this area.

Skybridge Capital’s Crypto Investments Rise by 130%

In December last year, Skybridge Capital reported an increase of 130% in its cryptocurrency investments courtesy of the recent surge in prices.

At the time, Scaramucci specifically mentioned the success of Skybridge’s Coin Fund, which includes investments in Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), among others. 

He stated that the fund has experienced a rise of around 130%, while their Bitcoin-focused funds have seen an increase of approximately 127%.

Scaramucci further emphasized his belief in the continued growth of cryptocurrency investments, citing global adoption and the increasing prevalence of digital wallets as driving factors.

He predicted that these factors would contribute to pushing prices higher throughout 2024.

The post Bitcoin Price Could Surge to $170,000 on Spot ETFs and Halving Event, Says SkyBridge’s Anthony Scaramucci appeared first on Cryptonews.