Bitcoin
Bitcoin Price Will Hit $100,000 on a Series of Positive Catalysts: Scaramucci
- Bitcoin is still on track to see a major rally by the end of the year, Anthony Scaramucci says.
- The prominent crypto bull pointed out several catalysts that could push the cryptocurrency’s price to $100,000.
- These catalysts include decreasing selling pressure, cryptocurrency payments, and promising cryptocurrency legislation.
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Bitcoin is still on track to nearly double current levels this year despite the cryptocurrency’s sharp sell-off, according to Anthony Scaramucci.
The founder of Skyridge Capital and long time crypto bull said he saw a number of bullish factors ahead for bitcoin. Despite the coin’s 17% drop last month, bitcoin is still on track to eventually hit $170,000, and could potentially surpass the $100,000 mark by the end of the year, Scaramucci said. CNBC in an interview on Monday.
“We still love the long-term fundamentals of bitcoin,” he added, pointing to three positive catalysts for the cryptocurrency.
1. More bitcoins are returning to investors.
Bitcoin investors could be on the receiving end of a wave of cryptocurrency payments — and will likely reinvest a significant portion of that back into the market, Scaramucci said.
Mount GoxThe now-defunct cryptocurrency exchange that went bankrupt a decade ago is already starting to pay the $9 billion it owes to its creditors and customers, the company said in a statement. declaration last week.
FTXthe cryptocurrency exchange that collapsed and shook the digital asset market in 2022, is also planning to pay most of its depositors in full. This could return up to US$ 16 billion of cryptocurrencies back to investors, the exchange’s lawyers said.
About 40% to 50% of the payments could end up being reinvested in cryptocurrencies, Scaramucci estimated, based on the loyalty of many hardcore bitcoin investors.
“A lot of that was in bitcoin, it was frozen in the bankruptcy, it was dollarized, unfortunately, at low values for bitcoin, but it will be returned to account holders soon, and we think a lot of that will be returned to the asset,” he said of FTX’s customer deposits.
2. Bitcoin is becoming more popular.
Lawmakers introduced a account establishing a regulatory framework for crypto. This is a promising sign that bitcoin is becoming a more widely accepted store of value, which is bullish for its long-term trajectory, Scaramucci said.
“Right there, clearly in the GOP platform, is the protection of digital assets and the protections of bitcoin specifically,” he added. “To me, I think it’s an overwhelming conclusion that this is going to be an acceptable long-term asset class in the United States.”
3. Selling pressure will eventually ease.
Bitcoin’s price fell in part due to temporary selling pressure, Scaramucci said.
Bitcoin Halving Eventfor example, it fueled some selling pressure among miners trying to hold on to profits, he noted, while Mount Gox refunds also fueled some selling pressure from investors regaining access to their cryptocurrency holdings.
The German government also offloaded several hundred million in cryptocurrency after police seized about $2.2 billion worth of bitcoin from a movie piracy website in 2024. The government sent another $155 million in bitcoin to several cryptocurrency exchanges and market makers on Monday, according to data from blockchain analytics site Arkhan Intelligence.
These selling pressures, however, are likely to subside, Scaramucci said. This is in line with other cryptocurrency analysts, who predict the the currency will recover from the fall in the coming months as sellers pull back.
Bitcoin rose slightly on Tuesday, trading around $57,000. Despite the recent sell-off, the crypto is still up 29% from its early-year levels, attesting to a more bullish sentiment among risk assets.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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