Despite warning investors of BTC’s notorious volatility, Anthony Scaramucci from SkyBridge Capital predicted a 100% price boost for the asset by the end of the year and entering a six-digit price territory. He argued that the demand for the asset has skyrocketed lately and admitted that his investment firm holds over $500 million in BTC.
$100K By 2021’s End, Scaramucci Says
Ever since the billion-dollar hedge fund SkyBridge Capital announced plans to launch a Bitcoin Fund in late 2020, the entity’s founder Anthony Scaramucci has been wildly optimistic about the cryptocurrency’s performance and future.
Previously, he somewhat controversially said that investing in BTC is as safe as allocating funds in gold and bonds while also outlining that bitcoin is better than the precious metal.
In a recent CNBC Squawk Box appearance, Scaramucci was asked to provide his 2021 price target for the cryptocurrency. While he mentioned BTC’s well-known volatility and warned investors to be wary of it, the executive presented an optimistic price trajectory for the asset by the end of the year.
“I do think we see $100,000 in this coin before year-end.”
Scaramucci highlighted the massive demand for the cryptocurrency as of late. He noted that there’s “not a lot of supply out there” while the demand keeps increasing.
Scaramucci breached MicroStrategy as a solid example for large corporations that have and plan to allocate substantial amounts in BTC. Just today, the NASDAQ-listed giant announced plans to raise $900 million through convertible senior notes and to buy bitcoin with the net proceeds.
SkyBridge Has $500M In BTC
Apart from making predictions on bitcoin’s price performance in the upcoming months, Scaramucci touched upon the aforementioned Bitcoin Fund L.P. launched earlier this year. Without providing many details, he said that the fund is “doing quite well.”
Furthermore, the former White House Communications Director confirmed that his organization had joined the BTC bandwagon with a sizeable investment of its own. As per his words, SkyBridge Capital has “over a half of billion dollars in bitcoin right now.”
Featured Image Courtesy of CNBC