Fun

Skybridge Capital Founder Predicts $100K Bitcoin Price This Year Due to ‘Heavy Demand’ and Diminishing Supply

News Feed - 2021-02-22 12:02:49

Skybridge Capital Founder Predicts $100K Bitcoin Price This Year Due to "Heavy Demand" and Diminishing Supply


The founder of asset management firm Skybridge Capital, Anthony Scaramucci, has predicted that the price of bitcoin will reach $100,000 before the year-end simply due to supply and demand. “You don’t have a lot of supply out there and very heavy demand,” he said. His firm currently has over half a billion dollars in bitcoin. Skybridge’s Founder Expects $100K Bitcoin Before End of Year


Skybridge Capital founder and managing partner Anthony Scaramucci talked about his expectations for the price of bitcoin and his firm’s investment in the cryptocurrency during an interview with CNBC last week.


Noting that he sees ferocious demand in bitcoin while its supply is decreasing, Scaramucci expects the price of the cryptocurrency to double by the end of the year. The Skybridge Capital founder remarked: I do think we see $100,000 in this coin before year-end … It’s just a supply and demand situation. You don’t have a lot of supply out there and very heavy demand.


Bitcoin’s price has been climbing rapidly, hitting multiple all-time highs over the past week. The cryptocurrency has already gained almost 76% since the beginning of the year. Its market capitalization has surpassed $1 trillion. At the time of writing, the price of bitcoin stands at $56,575.


The demand for bitcoin has been fast growing, particularly from institutional investors, which did not exist during the 2017 bitcoin bull run. However, according to blockchain analytics firm Glassnode, 78% of the bitcoin supply is not liquid. The firm says: “Currently 14.5M BTC are classified as illiquid, leaving only 4.2M BTC in constant circulation that are available for buying and selling.”


Scaramucci cautioned individual investors: “The thing is volatile, and again I want to be cautious with individual investors … Be cautious.” As for his own asset management firm, he said: We like it. We have over a half a billion dollars in bitcoin right now. And obviously, our bitcoin fund started in December. It’s done quite well.



Skybridge launched its bitcoin fund in December last year with $25 million of its own capital. The fund opened to outside investors in January and debuted with $310 million. Scaramucci said his firm “could be at the precursor of an avalanche of institutional investors heading in,” as orders were “building up from a large swath of institutions for the first quarter of 2021.”


Major companies have recently been scooping up bitcoins, including Elon Musk’s Tesla, which bought $1.5 billion worth of BTC in January. Other major companies that have already invested in bitcoin include Jack Dorsey’s Square Inc. and mega insurer Massmutual.


Furthermore, the Nasdaq-listed Microstrategy had accumulated 70,784 bitcoins as of Jan. 27 and has completed a $1.05 billion convertible note offering to buy more BTC. A large number of bitcoins are also acquired by investment funds, including Grayscale Bitcoin Trust and an array of bitcoin exchange-traded products (ETPs) and bitcoin exchange-traded funds (ETFs).


What do you think of Skybridge’s prediction? Let us know in the comments section below. Pricing Gold, Food, and Altcoins With the BTC Denominator: How to Measure an Asset"s Worth in Bitcoin MARKETS AND PRICES | 18 hours ago Day Trader Dave Portnoy Disturbed by Bitcoin Price — Vows to Never Buy BTC Again MARKETS AND PRICES | 1 day ago Tags in this story $100K, Anthony Scaramucci bitcoin, Anthony Scaramucci crypto, Anthony Scaramucci cryptocurrency, bitcoin fund, Bitcoin Price, bitcoin price prediction, Skybridge, skybridge bitcoin, Skybridge Bitcoin Fund, Skybridge cryptocurrency


Image Credits: Shutterstock, Pixabay, Wiki Commons Use Bitcoin and Bitcoin Cash to play online casino games here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Brooke Shields, MAKE International, Casper Association and WISeKey Unveil First Secure NFT Minted From Space Featuring Shields’ Digital Imagery
Brooke Shields, MAKE International, Casper Association and WISeKey Unveil First Secure NFT Minted From Space Featuring Shields’ Digital Imagery press release PRESS RELEASE. NASDAQ
President Nayib Bukele Touts El Salvador as the ‘New Land of the Free’ in Vintage Americana Poster Featuring Bitcoin as Legal Tender
President Nayib Bukele Touts El Salvador as the "New Land of the Free" in Vintage Americana Poster Featuring Bitcoin as Legal Tender President Nayib Bukele is promoting El Salvador
William Suberg12 hours agoBitcoin risks ‘swift’ $23K dive after BTC price loses 11% in AugustBTC price performance disappoints as Bitcoin comes full circle to finish a grim August for bulls.4117 Total views50 Total s
BRICS Nations Working on Creating New Currency to Be Discussed at Next Leaders Summit: Report
BRICS Nations Working on Creating New Currency to Be Discussed at Next Leaders Summit: Report The BRICS nations are reportedly working on developing a new form of currency, which i
Marcel Pechman5 hours agoChainlink leads the market with 61% weekly gain — What’s driving LINK price?LINK price pulled off a shocking double-digit rally over the past week, but exactly what is behind the move?1230 To
From Presale Pick to Market Star: PEPU’s 500% Gain and WEPE’s Promise
Holders of $PEPU – the new Pepe Unchained meme coin listing – will be smiling today. In just two days since its December, 10 launch, $PEPU’s market capitalization has sky rocketed to above the $480M mark. That’s
Funko Partners With Entertainment Giant Paramount to Drop Avatar Legends NFTs
Funko Partners With Entertainment Giant Paramount to Drop Avatar Legends NFTs On July 29, the pop-culture consumer products firm, Funko, announced that the company has partnered wi
Losses due to crypto hacks fall 67%, Bitcoin DeFi interest rises: Finance Redefined
Prashant Jha4 hours agoLosses due to crypto hacks fall 67%, Bitcoin DeFi interest rises: Finance RedefinedThe amount stolen through crypto hacks and the number of successful attacks sharply declined in April.580 Total vi
Binance Launches Off-Exchange Settlement Solution ‘Binance Mirror’ for Institutional Clients
Binance Launches Off-Exchange Settlement Solution ‘Binance Mirror’ for Institutional Clients The largest crypto-asset exchange by global trade volume, Binance, announced that i
XRP Price Eyes 20% Move With Golden Pocket Appearance
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Arijit Sarkar30 minutes agoBlackBerry reveals top crypto-focused malware amid rising cyber threatsSmokeLoader, RaccoonStealer (also known as RecordBreaker) and Vidar top the charts, according to BlackBerry’s list.252 T
Is Ethereum Price Set To Repeat History As 2017 Playbook Returns? Why This Time Could Be Bigger
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu