Tianqiao Capital CEO: Bitcoin price may be as high as US$170,000 in this cycle, and its market value may reach half of gold in the future

Odaily News SkyBridge Capital CEO Anthony Scaramucci said in an interview with CNBC that Bitcoin still has a lot of room to rise from its current price of $69,000, and its trading value may one day reach half of the total value of the global gold market. about. Scaramucci predicted that Bitcoin could reach as high as $170,000 this cycle and said that most of the asset’s price gains will occur over longer time frames. Bitcoin could trade at half the valuation of gold, which is about a six to eight to 10 times increase from now, Scaramucci said. Its not going to happen overnight and theres going to be a lot of volatility. The current market value of Bitcoin is approximately US$1.35 trillion, while the total market value of gold is US$15.8 trillion. If Bitcoin were to trade at half the value of gold, its market capitalization would need to increase approximately 6x from current levels, which would require a price of approximately $400,000 per Bitcoin. Scaramucci described the 10 recently approved spot Bitcoin ETFs as “sales machines,” and he believes these products will continue to stimulate increased demand for crypto assets from both retail and institutional investors. Scaramucci also believes that the upcoming Bitcoin halving event will be a major catalyst for Bitcoin price increases in the short term. Scaramucci added that he “very much likes” Solana (SOL), noting that SkyBridge Capital holds small positions in Solana (SOL), Avalanche (AVAX), Algorand (ALGO), and several other tokens. (Cointelegraph)