The creator and managing partner of the hedge fund SkyBridge, Anthony Scaramucci, is still optimistic about Bitcoin and believes it has more potential.
Scaramucci forecasts that the price of Bitcoin will hit $170,000 by the end of this cycle, citing adoption and the addition of spot exchange-traded funds as major contributors to the cryptocurrency's resurgence this year. The manager of a hedge fund expressed astonishment at the over $10 billion in inflows into ETFs during the first quarter of this year.
"GLD, the Gold ETF, needed a year to receive the $10 billion, and this accomplished it 25% of the time," stated Scaramucci. "Bitcoin's network, which generates roughly nine additional coins every day, will likely be halved by April 20th or so," continues Scaramucci.
The manager of a hedge firm vehemently disputes that the price of the Bitcoin halving reflects the current state of price discovery, saying, "I think Bitcoin is a lot more to go here."
Scaramucci continues, describing Bitcoin as a technological asset that is used by roughly 6% of the global population.
2024 Bitcoin Halving: Effects and Anticipations
The goal of the Bitcoin network's halving event is to slow down the rate at which new coins are released into circulation. Regardless of its April launch price, Scaramucci predicted in January that the price of Bitcoin may perhaps treble in the eighteen months that follow the halving.
The reward for mining new blocks will be cut in half at the April 2024 Bitcoin halving event, which would reduce miner revenue for transaction verification by 50%. This decrease will continue until there are 21 million bitcoins in circulation, which will occur every 210,000 blocks, or roughly every four years.
April 2024, Cryptoniteuae