Skybridge CEO Says Bitcoin Can Reach Half Of Gold Market, How Much Will BTC Be?
2024年4月9日 - 12:00AM
NEWSBTC
The future price and valuation of Bitcoin is a hot topic of debate,
with varying predictions from different camps. One sentiment is
maintained by most, though, and that is the fact that the
cryptocurrency is going to trade at a much higher valuation than it
is currently. Skybridge Capital CEO Anthony Scaramucci shares this
sentiment, predicting that the Bitcoin market cap will eventually
reach half of the gold market cap. Batting For Bitcoin To Capture
50% Of Gold Market Cap Anthony Scaramucci has long been a proponent
of Bitcoin and has been very vocal about his support for the coin.
Once again, the Skybridge Capital CEO has come forward to reiterate
his stance on Bitcoin, giving a prediction for where he expects the
price to go in the future. Related Reading: Breakout Of The Year?
Crypto Analyst Predicts Where NEAR Is Headed Next Scaramucci told
CNBC in an interview that he expects the price of Bitcoin to
eventually touch $170,000. Not only that, he said that he expects
that the Bitcoin market cap will someday reach 50% of the gold
valuation. The CEO explains that Bitcoin has seen a positive upside
as there has been more regulatory clarity surrounding the digital
asset, as well as the approval of various Spot Bitcoin ETFs. And it
is the success of these Spot Bitcoin ETFs that is driving
Scaramucci’s belief that Bitcoin will reach half of gold’s
valuation. He explains that it took the Gold ETF a year to reach
$10 billion in inflows. However, in the case of Bitcoin, it has
done it in three months, meaning it took 25% of the time it took
gold to achieve this. Then with the halving on the way, Scaramucci
explains that supply is going to get even lower. The CEO further
explains that he expects Bitcoin to become a store of value,
something that will push it up as a competitor for gold. In this
case, its continuous growth will see it eventually around half of
gold’s market cap. Where Will BTC Trade At This Valuation? The
current gold market cap lies at approximately $15.7 trillion market
cap and half of this would put the Bitcoin market cap at a high
$7.85 trillion. The current BTC market cap is at $1.4 trillion,
with a price of $72,000 per coin. This means that a market cap of
$7.85 trillion would see the cryptocurrency trade much higher.
Related Reading: Dogecoin Finds A Bottom: How The 7-Year Cycle Can
Send Price To $40 With a capped supply of 21 million coins,
Bitcoin’s market cap of $7.85 trillion would put the price per BTC
at a whopping $378,000. Such an increase would represent a 500%
increase from the current price levels. And then, with Bitcoin
controlling around half of the total crypto market cap and assuming
altcoins continue to grow alongside it, this could easily see the
entire crypto market reach a $14 trillion market cap, strengthening
the competition with gold. However, Scaramucci does not give a
timeline for when he expects this to happen and he cautions
investors to not expect it soon. “It’s not going to happen
overnight, and there will be a lot of volatility,” the Skybridge
Capital CEO warned. BTC price recovers above $72,000 | Source:
BTCUSD on Tradingview.com Featured image from Leadership News,
chart from Tradingview.com
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