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    Skybridge Capital Founder: $100K Bitcoin, $500,000 Within Five Years

    Skybridge Capital founder Anthony Scaramucci has reiterated his bullish position on bitcoin, stating the asset will reach $500,000 within the next five years.

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    In a recent interview with Melissa Francis on Magnifi by TIFIN, Scaramucci echoed his previous bullish expectations for bitcoin that he stated with Kitco News at the end of January.

    While Scaramucci is bullish in the long term, he cautioned “hodlers” of the volatility ahead.

    “This will be very volatile,” warned Scaramucci.

    “There’ll be periods of time where bitcoin will crash, down 50 plus percent.” However, Scaramucci added that “if you’re willing to zoom out and look at the long term chart and look at the adoption story, could bitcoin get to a half a million dollars a coin? I believe it will.”

    In the short term, Scaramucci said he expects bitcoin to reach $100,000.

    “Could it get there this year? Yes. Is it likely to get there over two years? I’m very confident of that. But we’ve got some work to do here from a regulatory perspective.”

    Scaramucci stated the markets needed time to recover from the pandemic, which he believes is not “going anywhere.”

    Scaramucci had expected Bitcoin to reach a $100,000 valuation last year, but he noted afterward that he “did not assess the regulatory environment appropriately.” He said, “I thought once you had the bitcoin futures [ETFs], you’d end up with the cash pretty immediately. Too much political headwind for that.”

    Scaramucci has long been a proponent of the foremost digital asset and was not the only analyst with the belief that the asset would hit $100,000 last year. During the interview with Melissa, Scaramucci also explained how retail investors can get into the market.

    Scaramucci advised that average investors buy some, adding that they should “average in.” He noted that “the only way you can handle technology like this is to dollar-cost average and buy a little every month.”

    Scaramucci encouraged retail investors to set aside a small portion of their income they are comfortable with, advising them to pick a number between 1 and 4%. He revealed that he had invested 4% of Skybridge funds in bitcoin.

    Scaramucci believes that people should endeavor to get involved in the market. He said, “it would be a mistake to be under-invested or zero-invested in blockchain and cryptocurrency.”

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