With a lot of investors coming out as bullish on Bitcoin, the top cryptocurrency is now being given higher estimates. A certain New York-based investment firm's founder and managing partner, Anthony Scaramucci, believes that the currency could easily trade at $500,000.
Skybridge Capital Founder and Managing Partner
According to News.Bitcoin.com, Anthony Scaramucci, the known founder and managing partner of the particular New York City-based investment firm Skybridge Capital, gave his comments regarding the US' economy, inflation, and even Bitcoin. It was noted that Scaramucci actually served as the White House director of communications while during the Trump administration back in July 2017.
He was reportedly asked whether he advises or does not advise people to purchase Bitcoin at the current price of about $64,000. Scaramucci then gave a prompt reply noting there is "no question about that."
Ark Invest CEO Cathie Wood
Scaramucci noted that at BTC's current price level, as seen on CoinGecko, he believes that "we are very very early." Noting that if this were true, Ark Invest CEO Cathie Wood stands correct and there will be a billion wallets come the end of 2024 directly into the middle of 2025 as he expects.
Scaramucci noted that the coins will easily trade for a whopping $500,000 a coin noting that people don't even have to have enough Bitcon in order for every millionaire in society to be able to earn just one coin. Back in September, Cathie Wood doubled down on her given $500,000 Bitcoin prediction.
Bitcoin Price Prediction to Reach $500,000
She noted that if they are right and companies would begin to diversify their own cash into things like Bitcoin and if institutional investors would just allocate a mere 5% of their own funds into either Bitcoin or other crypto, they believe that the price could even tenfold where it is today which would reach over $500,000.
JPMorgan noted that there are currently 49 million millionaires that are based on the United States dollar fiat currency. Scaramucci then added that there isn't even enough for every millionaire, noting that for him, he thinks that this is a very scarce type of property.
Bitcoin as Potential Inflation Hedge
He then explained that due to the rising inflation fears, he is telling people to at least own a little bit of Bitcoin. This is because Bitcoin offers owners an adaptive technology that is, as of the moment, still evolving.
Another reason why Scaramucci believes that people should own Bitcoin is that it offers owners a potential inflation hedge. He then noted that it is still very, very early for people and that he is doing his best to explain to them why they actually need to own Bitcoin right now.
It is important for people to DYOR or do your own research before stepping into or investing into any form of asset. Although there are starting to be more and more bullish investors and analysts regarding Bitcoin, it is important to DYOR before stepping in.
This article is owned by Tech Times
Written by Urian B.