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 

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyLong IdeasMarketsMediaTrading IdeasAnthony ScaramucciCNBCSquawk Box
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!