The market recovery has seen the bitcoin price reach higher highs than expected in the short term. This has come following the announcement that the inflation rate of the US is slowing down, and more investors are bullish once more in the market. But even as the price of bitcoin continues to rise, there is still much more bullishness for the future of the digital asset. Some, like in the case of Skybridge Capital, expect the digital asset to touch as high as $300,000.
Bitcoin price to $300,000
Skybridge Capital is led by Anthony Scaramucci, who is arguably one of the most vocal bitcoin supporters in the space. The CEO has at numerous times explained that he expects the price of the digital asset to rise exponentially over the coming years and has taken this bullish stance in both a professional capacity.
In a recent interview with CNBC, the CEO explained how the company was looking toward the future of bitcoin. According to Scaramucci, Skybridge Capital expects the price of bitcoin to grow as high as $300,000 in the next six years. Going by this prediction, they are expecting the digital asset to be trading this high by 2028.
The firm reiterates that given that the price of the digital asset is expected to rise this high, it becomes inconsequential whether investors purchase the asset at a price of $20,000 or $60,000. In the end, “It’s really not going to matter,” he added.
What will lead to this?
One thing that has always remained constant in the outlook for bitcoin was that rapid adoption was going to go behind such a high price. Such was one of the scenarios mentioned by Anthony Scaramucci when giving his bullish outlook for bitcoin.
The CEO exploited that there will be improvements to the Lightning Network, a rise in applications on the blockchain, as well as the ease of transactions that will come from these. So there are expected to be more commercial activities happening in bitcoin.
Other factors include the upcoming Ethereum Merge, which has been behind the market push coming recently. Scaramucci also pointed to the BlackRock adoption, as they see more interest in cryptocurrencies. “Larry Fink [the CEO of Blackrock] is seeing the institutional demand. Otherwise, he wouldn’t be setting up those products and teaming up with Coinbase,” the CEO explained.
When this stuff happens, I want to remind people that there are only 21 million bitcoins out there, and you will have a demand shock with very little supply,” he added, pointing to the ever-limited supply of bitcoin that makes it a scarce commodity.
Scaramucci advised investors to hold onto their assets rather than sell after the Merge happens, as expected. “I would caution people not to do that. These are great long-term investments,” he concluded.