SkyBridge Capital founder Anthony Scaramucci is making a massive prediction for Bitcoin (BTC) and Ethereum (ETH) this cycle.
In a new interview on the Unchained Crypto YouTube channel, Scaramucci says he believes Bitcoin could soar nearly 300% and Ethereum nearly 240% from their current values.
“I can only give you my guess [for the market top] and so I think we get to $10,000 to $12,000 on Ethereum. And I do think we get to somewhere [between] $170,000 to $250,000 on Bitcoin.”
He also predicts that US President Joe Biden will win re-election in November over former President Donald Trump and crypto assets will surge to new all-time highs (ATH) afterward.
“I think we’ll we’ll see all-time highs for Bitcoin and other assets in this category during a second Biden administration.”
According to Scaramucci, one of the biggest bullish catalysts for Bitcoin this cycle could be greater adoption of the top digital asset by institutional investors.
“The number one thing for me is somebody is going to declare Bitcoin an asset class. It’ll be a consultant. These large pension funds, in order to preserve their jobs, go to outside consultants and ask them for advice on asset allocation, who to put the money with, where to put the money, private equity, hedge funds, etc., stocks and bonds.
And somebody is going to declare Bitcoin an asset class, and then offer a suggestion that Bitcoin should be 1%, 2%, 3% of an institutional tactical asset allocated portfolio. And when that happens, it’s going to open up a huge vein of demand for Bitcoin.
The state of Wisconsin, as you know, announced last month that they have about $160 million worth of Bitcoin at the price that they bought them at…
The state of Wisconsin is saying, ‘Okay, this is going to be part of an asset-allocated portfolio for institutions. And so if I’m not long Bitcoin, I’m short Bitcoin and if I’m short Bitcoin, and it’s a high-performing asset, my total portfolio may underperform my peer group.’
And so I think that’s happening, and that will create an acceleration of adoption and an acceleration upward in price.”
Bitcoin is trading for $64,163 at time of writing, down slightly in the last 24 hours. Meanwhile, Ethereum is trading for $3,531 at time of writing, up slightly in the last 24 hours.
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