Photograph by Sean Gallup/GettyThe founder of the investment firm Skyridge Capital and crypto evangelist Anthony Scaramucci’s optimism for Bitcoin remains unfazed following its 17 per cent loss over the past seven days. In fact, he thinks the cryptocurrency will reach ‘doubloon status’ by year’s end reaching at least $100,000 and potentially as high as $170,000. Scaramucci attributes this bullish sentiment to a series of events unfolding now that will drive the price higher. First is a return of payments from the bankrupt exchanges Mount Gox and the FTX exchange (FTT), which is likely to put $16 billion back into the market. ‘I believe as much as 50 per cent of that will go to rebuy into cryptocurrencies, especially Bitcoin,’ he tells me. ‘That’s going to be a big injection of liquidity from seed capital from hardcore Bitcoinistas going back into crypto.’
That positivity is also supported by new regulatory legislation that may provide much-needed clarity on digital assets that are potentially coming down the line. Scaramucci sees this clarity as adding a level of credibility to Bitcoin, helping it move into the mainstream to be taken seriously as a sound, store-of-value currency. Relief from selling pressure is also expected from temporary sell-offs such as miners selling off their excess coins, and the German government offloading 130,000 seized bitcoin. Scaramucci also points to recoveries after price downturns, which many view as temporary ‘panic sell-offs’. Recent trading data and market analytics also indicate a strong recovery and bullish future is on the horizon for Bitcoin.
Source: Markets Insider
