Scaramucci: Bitcoin Can Break 170,000 US Dollars Ahead Of Halving 2024

Bitcoin is predicted to spike by Anthony Scaramucci. (Photo; Doc. Unsplash)

JAKARTA - Bitcoin (BTC) is predicted to hit a very high price ahead of the "halving" event in April 2024. Halving is a process of halving the amount of new BTC produced every 10 minutes. Halving occurs every four years and aims to maintain the scarcity and value of Bitcoin.

The prediction was made by Anthony Scaramucci, founder of SkyBridge Capital, a global investment firm that manages assets worth $7.5 billion. Scaramucci said that Bitcoin is a better asset than gold as a store of value and has tremendous growth potential.

Scaramucci refers to the historical Bitcoin pattern that always sets a new price record after every stop. "Go back and look at the Bitcoin 'halving' cycle," Scaramucci said in Scott Melker's podcast last week. "The day Bitcoin 'halving,' multiplied four [and] 18 months later, and inevitable that that is the price of Bitcoin."

Bitcoin's last Halfing occurred on May 11, 2020, where the asset closed at $9,670 (IDR 152.8 million). Nearly exactly 18 months later, the asset reached its current highest price, which is $69,000 (IDR 1.09 billion). In the previous halving, BTC closed at $6656 (IDR 10.4 million) on July 16, 2016, before surging to $19,783 (IDR 312.6 million) in December 2017.

Scaramucci stated that the target price of $170,000 (IDR 2.69 billion) was considered "conservative" and was based on the price of Bitcoin at $35,000 (IDR 553.7 million) at the time of harving in April 2024. Currently, the price of Bitcoin is trading at around $43,000 (IDR 680.3 million).

"Let's say we're at $50,000 (IDR 790.3 million) in April, then that's going to be 220,000 (IDR 3.16 billion). Let's say we're at $60,000.000 (IDR 948.4 million), then that's going to be $240,000 (IDR 3.79 billion)," he said.

Regarding the future, Scaramucci believes that Bitcoin will "easy" reach half of the gold market cap, which currently reaches $13.6 trillion. This would mean the price of Bitcoin will reach at least $323,000 (IDR 5.11 billion) per coin.

Scaramucci also revealed that SkyBridge Capital was the first external investor to buy a Bitcoin spot ETF stake from BlackRock, an investment product that tracks the price of Bitcoin directly. BlackRock is the world's largest asset management company with an asset worth $9.5 trillion.

Scaramucci appreciates BlackRock CEO Larry Fink, who has changed his views on Bitcoin. Fink once called Bitcoin something "stupid" in 2021, but later called it "digital gold" and "lanit to quality" during the period of uncertainty.

With high optimism for the future of Bitcoin, market observers and investors are increasingly focused on potential price spikes ahead of the next "halving" event. Halving is considered one of the factors affecting Bitcoin demand and supply, as well as its volatility.