For Skybridge’s Scaramucci, Bitcoin’s price could still do an x11

According to Skybridge Capital founder Anthony Scaramucci, the price of Bitcoin could rise significantly in the coming months. 

He stated this recently during an interview with Altcoin Daily. 

Skybridge Capital’s Scaramucci’s hypothesis on Bitcoin’s price

The hypothesis put forward by Scaramucci is very simple, and is in line with a few already put forward a few weeks ago. 

It all revolves around the SEC’s approval of spot Bitcoin ETFs in the US. 

According to Scaramucci, if the U.S. Securities and Exchange Commission approves Blackrock’s ETF, the price of Bitcoin could react very positively over the medium to long term.

His prediction is that if it is approved, the market value of BTC could multiply by 11 from current levels. 

This prediction, in turn, is based on the assumption, also already reported by other analysts, that these ETFs could bring new capital inflows to the Bitcoin market in the hundreds of billions of dollars.

He stated: 

“Think of the magnitude of that, if there’s $100 billion that flows in bitcoin that could have an 11-times factor in terms of valuation. So you could see bitcoin go from a $600 billion asset to a $600 trillion asset.”

The price of Bitcoin

Currently, with a total market capitalization of just under $600 billion, the price of BTC is about $30,000. 

A factor of x11 would mean not only exceeding $6 trillion in capitalization, but also a price that could skyrocket beyond $300,000.

It must be said that this is a far more optimistic prediction than other similar ones based on the same assumption, although the $100 billion assumed by Scaramucci is not that much. 

In fact, according to other analysts as much as $200 billion could come into the Bitcoin market thanks to the new ETFs, but the estimated impact on the price of BTC in these cases turns out to be less. 

So, on the one hand we have those, like Scaramucci, who believe it will be around 100 billion and cause the current BTC price to multiply by 11, while on the other hand we have others who estimate an even greater influx of capital, but who do not make precise estimates of the price impact. 

The timeframes on the price of Bitcoin according to Scaramucci of Skybridge

However, one should not make the mistake of believing that the publication of the news of approval will be enough to trigger such a process. 

In fact, this dynamic depends solely and exclusively on whether the hundreds of billions of dollars of new capital inflow actually arrives. 

It is estimated that it could take up to three years before all of them arrive, but the interesting thing is that in the next three years there will be the fourth halving of Bitcoin (in April 2024), and then the year following the halving with its hypothetical bullrun. 

Then again, so far in all three post-halving years a large speculative bubble has inflated, so Scaramucci’s hypothesis does not seem absurd. 

However, it should be remembered that after the first halving there was a high at $1,100, after the second at $20,000, and after the third at $69,000. Therefore from first to second the price grew by a factor of x18, and from second to third by a factor of x3.5. 

In order to get to $300,000 it would have to make about a x4 from the previous post-halving high, and this does not seem in line with that trend. 

The fact remains that Scaramucci did not specify timing, so it may well be that he has already included the possibility of a further bullrun after the 2028 halving. 

Other estimates see Bitcoin around $135,000 during the next bullrun, and this would mean a x2 from the current highs. If Scaramucci’s hypothesis referred to 2029, it would mean another x2 from the hypothetical peaks of 2025. 

Scaramucci vs Gensler

The Skybridge Capital founder also had some less than positive words for current SEC Chairman Gary Gensler. 

Scaramucci recalled the days when both were at Goldman Sachs, describing Gensler as someone absolutely loathed then. 

He then also speculated that Gensler himself may have been offended by FTX co-founder Sam Bankman-Fried’s generous donations to U.S. politicians. 

He also called it hypocritical and righteous, saying that it could cause significant challenges to the cryptocurrency industry for a while longer. 

It should be recalled that Gensler was appointed chairman of the SEC in 2021, when Democrat Joe Biden became U.S. president for all intents and purposes, and that in the event of a Republican victory next year he could then be replaced in 2025 by someone else.