Anthony Scaramucci, founding father of hedge fund SkyBridge Capital, informed CNBC on Wednesday that he sees ferocious demand and restricted provide main bitcoin to just about double to $100,000 earlier than the tip 2021.
“We prefer it,” Scaramucci mentioned in a “Squawk Box” interview. “We’ve over a half a billion {dollars} in bitcoin proper now. And clearly, our bitcoin fund began in December. It is achieved fairly nicely.”
“Be cautious,” he suggested. However he added, “I do assume we see $100,000 on this coin earlier than year-end.”
Bitcoin has already gained 70% because the new yr started, rocketing to greater than $51,000 per unit for the primary time ever Wednesday. The world’s largest cryptocurrency quadrupled final yr.
“The factor is unstable, and once more I need to be cautious with particular person traders,” warned Scaramucci, with bitcoin’s current surge paying homage to its huge ascent to just about $20,000 in 2017, which was adopted by an 80% plunge the next yr.
Nevertheless, the present bitcoin rally comes with much more institutional curiosity behind it, one thing that was lacking again in 2017. Main monetary firms seem like warming to bitcoin, after Tesla and different corporations have proven help for the cryptocurrency.
“It is only a provide and demand scenario,” Scaramucci mentioned. “You do not have a whole lot of provide on the market and really heavy demand.”
