SkyBridge's Scaramucci Predicts 'Exponential Lift-Off' For Bitcoin

The Bitcoin BTC/USD bull market is still intact after the cryptocurrency's sell-off, Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, said Thursday on CNBC's "Squawk Box."

According to SkyBridge research, over $8.6 billion was liquidated during the sell-off in the cryptocurrency on Wednesday, Scaramucci said, adding that the bounce back in Bitcoin shows resiliency and quality in the crypto space.

Scaramucci described Bitcoin as a "fully robust monetary network" with 110 million users now and potentially 1 billion users by 2025.

He told CNBC that institutional adoption hasn't "cracked the surface" of what could occur over the next six to 12 months.

Roughly 2% of the world has adopted Bitcoin, he said, adding that if that share grows to 4% to 6%, Bitcoin could experience an "exponential lift-off" as a result of its scarcity. 

SkyBridge is maintaining its $100,000 price target on Bitcoin by the end of 2021, Scaramucci told CNBC. 

Bitcoin Price Action: Bitcoin has fallen more than 50% from its all-time highs near $65,000 since April. The cryptocurrency recovered quickly from the sell-off on Wednesday. 

Related Link: Bitcoin Crashes Below $32,000, Takes Tesla, Coinbase, MicroStrategy And Other Cryptos Down With It

At last check Thursday, Bitcoin was up 10.11% at $42,270.

Image by Eivind Pedersen from Pixabay