Skybridge Capital is Predicting Bitcoin Gets to $35k This Year But is That Hope Over Realism?
Global investment firm SkyBridge Capital is betting on Bitcoin reaching the $35,000 price level by the end of 2023 on the back of a sustained turnaround in the crypto market.
While admitting this view was "overly bullish," SkyBridge Capital founder Anthony Scaramucci said the recent crypto rally could further gather momentum with the upcoming Bitcoin "halving," which happens every 4 years and cuts the number of new bitcoins released by half.
"If bitcoin could trade back to $35,000, SkyBridge is going to have an amazing year," Scaramucci reportedly told the Reuters Global Markets Forum in Davos, Switzerland.
Historically, Bitcoin halving has been followed by periods of higher prices as the event effectively slows down the supply of BTC onto the market. While it is not possible to exactly know when the next halving will occur, experts point to May 2024 as an anticipated date.
SkyBridge is among the few investment firms that have invested in cryptocurrencies, namely Bitcoin, Ethereum, Solana, and others. The company also plans to invest in the structured credit market to drive 2023 returns after its losses in 2022.
"Structured credit, mortgage-backed securities, credit card debt, auto loans -- that's an attractive space again," Scaramucci said. As of last September, his firm managed $2.2 billion, including $800 million in digital asset-related investments.
In another interview with CNBC, Scaramucci called 2023 a “recovery year” for Bitcoin and predicted the flagship cryptocurrency could reach $50,000 to $100,000 in two to three years. He said:
“You are taking on risk but you’re also believing in [bitcoin] adoption. So if we get the adoption right, and I believe we will, this could easily be a fifty to one hundred thousand dollar
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