In an interview, hedge fund Sky Bridge’s Anthony Scaramucci said that Bitcoin’s price could reach $170,000 next year due to increased demand for newly listed exchange-traded funds and April’s halving event.
The SkyBridge founder said, “If bitcoin's at $45,000 on the halving, where it roughly is right now, it'll be $170,000 by mid-to-late 2025.” The having is a technical event that reduces the rate at which new bitcoins are released into circulation.
Bitcoin’s price rose to above $49,000 last week as Bitcoin ETFs received approval to trade on the U.S. stock exchanges, however, they have since dropped back down to $42,000. The U.S. regulatory approval for spot Bitcoin ETFs comes after years of campaigning and applications from numerous companies, including SkyBridge.
Anthony Scaramucci said, “Wherever the price is on the day of the halving in April, multiply it by four, and it'll reach that price in the next 18 months.”
Scaramucci described this drop to investors moving out of the Grayscale Bitcoin Trust into the newly released funds, saying that it will likely take another 8 to 10 trading days to see the true impact of the newly listed funds.
Scaracmucci also said that Skybridge plans to launch a new fund that combines investments in crypto tokens and digital asset-focused venture capital.
Key Takeaways
- Bitcoin is expected to rise to over $170,000 by 2025 due to halving, according to Skybridge founder Anthony Scaramucci.
- Bitcoin’s prices rose to $49,000 last week as Bitcoin ETFs received approval to trade on the U.S. stock exchanges.
