Anthony Scaramucci On The Rationale For His 6-Figure Bitcoin Price Target

Bitcoin BTC/USD is a buy at its current price because it will be trading at $100,000 by the end of 2021, Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, said Friday on CNBC's "Squawk Box."

Getting Tesla Inc TSLA CEO Elon Musk and Twitter Inc TWTR and Square Inc SQ CEO Jack Dorsey together to talk about cryptocurrency showed people the world's biggest influencers are going to be involved in scaling Bitcoin moving forward, Scaramucci said.

Musk, Dorsey and Ark Invest's Cathie Wood discussed Bitcoin and the cryptocurrency markets at The B Word Conference this week. 

Related Link: Elon Musk Owns Bitcoin, 'Some Ethereum And Some Doge:' Main Takeaways From The B Conference

Bitcoin might be trading how Amazon.com AMZN traded from 1997 to 2000, he said, adding that he doesn't want to get "faked out" of Bitcoin. 

"I don't want my clients to miss Bitcoin," Scaramucci added. 

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He told CNBC Bitcoin is "scaling to become this apex predator in cryptocurrency."

Scaramucci noted that he also likes Ethereum ETH/USD.

The same way that there is room in the market for Coca-Cola Co KO and PepsiCo Inc PEP, there is room for both Bitcoin and Ethereum, he said. 

Price Action: Bitcoin is up 12.14% year-to-date. Ethereum is up 178.53% year-to-date.

At last check Friday, Bitcoin was up 0.68% at $32,477 and Ethereum was up 2.10% at $2,058.54.

Photo by Eivind Pedersen from Pixabay.