‘$300,000 in Six Years’—Donald Trump’s Former Communications Director Reveals the Ethereum Rival He’s Backing and a Bold Bitcoin Price Prediction
Bitcoin
The price of bitcoin has fallen more than 10% this week, erasing all of its August gains — despite an exchange CEO predicting you’ll be able to buy a Bugatti with just one bitcoin by the end of 2022. The Ethereum price has also fell, but is far outperforming as traders watch a “hundred pound gorilla” that is “getting closer every day.”
Now, after issuing two huge bitcoin and ethereum “fair market value” price predictions this month, Donald Trump’s short-lived White House communications director and managing partner at asset manager Skybridge Capital Anthony Scaramucci has predicted that the bitcoin price could hit $300,000 in just six year and revealed the ethereum challenger he has “a very large position” in.
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Donald Trump’s former White House communications director Anthony Scaramucci has become a big one … [+]
“In the next six years, if we’re right, if bitcoin goes to $300,000 a coin, it won’t matter if you bought it for $20,000 or $60,000,” Scaramucci, who served as President Donald Trump’s communications director for just two weeks in 2017, told CNBC. “I’m just warning people, the future is upon us. It’s happening faster than I thought.”
Skybridge Capital, a New York-based hedge fund fund, last year launched the Skybridge Bitcoin Fund with $310 million in assets under management, but in July was reportedly forced to suspend redemptions in another fund following sharp declines in stock and cryptocurrency prices.
While Skybridge’s largest crypto positions are in bitcoin and ethereum, Scaramucci said he has bought ethereum rival Solana and has “a very large position” in another ethereum challenger algorand.
“We believe [algorand] has award-winning technology,” Scaramucci said, adding that he remains “quite optimistic” about bitcoin and ethereum in the next 12 to 24 months.
“You’re going to see a lot more commercial activity there,” he said, pointing to “the improvement of [bitcoin’s second layer] lightning networks, the increase in applications and simple transactions on bitcoin.”
Bitcoin’s growing lightning network is designed to speed up transactions, reduce fees and even potentially allow it to compete more directly with ethereum and other smart contract blockchains.
Scaramucci also said that the recent news of a massive $10 trillion crypto game changer that could “open the floodgates” of institutional investors to bitcoin and crypto is likely to affect crypto prices.
“When this happens, I would remind people that there are only 21 million bitcoins out there and you will have a demand shock with very little supply.”
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Bitcoin price has fallen sharply this week, crashing back towards $20,000 per bitcoin and … [+]
Ethereum, the second largest cryptocurrency after bitcoin, meanwhile, is braced for a major upgrade planned for mid-September that has helped the ethereum price skyrocket over the past two months. However, Scaramucci said he expects the ethereum price to fall in the short term before eventually rebounding.
“A lot of traders probably buy into that reputation,” Scaramucci said. “They will probably sell on the news of the merger. I would caution people against doing that.”
Market analysts have this week blamed uncertainty over the Federal Reserve’s roadmap as one of the reasons for “weakness” in the crypto market.
“Weakness has seeped into the cryptosphere as speculators retreated from highly risky assets amid expectations that higher interest rates were set to last much longer, after minutes were released from the US Federal Reserve indicating that policymakers intended to hold on its monetary tightening path,” Susannah Streeter, senior investment and market analyst at Hargreaves Lansdown, wrote in an emailed statement.
