2024-01-15 20:33:36
Bitcoin’s price might surpass $170,000 next year, driven by demand for newly listed exchange-traded funds and April’s halving event, said hedge fund Anthony Scaramucci SkyBridge, during an interview Monday.
“If bitcoin is at $45,000 during the halving, as it is now, it will be at $170,000 by mid to late 2025,” said the founder and managing partner of SkyBridge at the Archyde.com Global Markets Forum in the Swiss ski resort of Davos.
Halving is a technical event that reduces the rate at which new bitcoins are released into circulation.
“Whatever the price was on halving day in April, multiply it by four and it will reach that price in the next 18 months,” Scaramucci said ahead of the World Economic Forum’s annual meeting.
The price of bitcoin topped $49,000 last week, when spot bitcoin ETFs received approval to trade on U.S. exchanges, but has since fallen back to around $42,000.
Mr. Scaramucci attributed the decline to the rotation of investors from the Grayscale Bitcoin Trust to the new funds, adding that it will likely take another eight to 10 trading days to see the impact of the newly listed funds on prices.
The historic US regulatory approval of spot bitcoin ETFs came following years of campaigning and requests from numerous companies, including SkyBridge, whose application was rejected in 2022.
Skybridge also plans to launch a new fund that combines investments in crypto tokens and venture capital focused on digital assets, Scaramucci said, adding that it also expects strong performance in structured credit.
(Join GMF, a chat room hosted on LSEG Messenger: (Reporting by Divya Chowdhury in Davos and Lisa Pauline Mattackal in Bengaluru; Editing by Mark Porter)
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