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Skybridge Predicts Bitcoin Price Will Reach $100K Soon

Skybridge Predicts Bitcoin Price Will Reach $100K Soon
  • Skybridge Capital founder, Anthony Scaramucci, talked about bitcoin’s price and his firm’s investment in crypto.
  • Anthony expects Bitcoin’s price to reach $100K by the end of 2021.
  • Major firms like Tesla, MicroStrategy, and Square have invested in Bitcoin.

During an interview with CNBC last week, Anthony Scaramucci, Skybridge Capital’s founder, talks about his expectations for Bitcoin’s price and his firm’s investment in cryptocurrency.

He noticed a ferocious demand for BTC as its supply decreased. Scaramucci expects the cryptocurrency’s price to double by the end of the year. The Skybridge Capital founder said:

I do think we see $100,000 in this coin before year-end … It’s just  a supply and demand situation. You don’t have a lot of supply out there and very high demand.

BTC’s price has been rising rapidly, hitting multiple all-time highs over the past week. The cryptocurrency has already increased by almost 76% since the start of this year. Its market capitalization has also exceeded $1 trillion.

At the time of writing, the price of BTC is at $56,575. The demand for Bitcoin has been fast-growing, which was not the case during the 2017 BTC bull run.

However, according to blockchain analytics firm Glassnode , 78% of the bitcoin quantity is not liquid. “Currently 14.5M BTC are listed as illiquid, leaving only 4.2M BTC in constant circulation that are ready for buying and selling,” says the firm.

Skybridge began its BTC fund in December last year with $25 million in funds. The fund started with external investors in January at $310 million. Scaramucci said his firm “could be at the precursor of an avalanche of institutional investors heading in,” as orders were “building up from a large swath of institutions for the first quarter of 2021.”

Larger firms have recently been buying bitcoins, including Elon Musk’s Tesla, which bought $1.5 billion worth of BTC in January. Other significant firms who bought Bitcoin include Jack Dorsey’s Square Inc. and mega insurer MassMutual.

Furthermore, the Nasdaq-listed Microstrategy had acquired 70,784 bitcoins as of Jan 27 and has made a $1.05 billion exchangeable note contributing to buy more BTC.

According to the firm’s CEO Micheal Saylor, they plan to purchase over $2,000 bitcoin per second. If MicroStrategy will go through with this plan then BTC is expected to set a new all-time high.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.