- Bitcoin reclaimed the $65,000 price milestone with halving just around the corner.
- Less than 90 blocks away, BTC’s halving slashes miner rewards from 6.50 to 3.25 BTC.
- Anthony Scaramucci draws similarities between Bitcoin and the emergence of the internet.
Hedge fund veteran and former White House Communications Director Anthony Scaramucci has shocked the crypto community by stating that Bitcoin (BTC) is still very early in the adoption curve. In last night’s appearance on CNBC Squawk Box, Anthony Scaramucci compared Bitcoin’s (BTC) adoption rate to that of the internet.
“If you go back to Web1, Bitcoin is sort of in the 1999 point in the spectrum.”, – claims SkyBridge Capital Founder Mr. Scaramucci. Tieing Bitcoin’s price movement with the gradual adoption of BTC around the globe over the past 15 years, Scaramucci argues that Bitcoin (BTC) could soar to a whopping $200,000 within the next year, given that no natural disaster strikes or any other calamitous events come into play.
“But long term with the halving coming this week, I think this thing trades to $170,000 possibly to $200,000 and, and that’s consistent with where it’s been over the 15 years of Bitcoin.” On the other hand, Scaramucci acknowledges that Bitcoin’s price movement can be negatively impacted by outside political factors like war and terrorism acts. In such a case, Bitcoin’s drawdown should not exceed 15%, claims the experienced financier.
Bitcoin Halving Now Just One Day Away
Slated for April 20, 2024 the fourth Bitcoin (BTC) halving is set to induce scarcer tokenomics for the leading digital asset, which could eventually lead to 401K market and corporate warehouses joining the roster of Bitcoin (BTC) holders, according to Scaramucci’s statement on CNBC.
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As the crypto community is counting down blocks and minutes to the historical Bitcoin halving event, crypto traders are drawing parallels between the current BTC halving and the prior ones. “Historically, this marks the start of a parabolic run”, – remarked crypto analyst Ted Pillows.
However, it bears mentioning that a BTC crash on halving day is also on the cards, as it could turn into a typical ‘buy the rumor, sell the news’ event. For instance, Binance’s former CEO Changpeng ‘CZ’ Zhao also forecasted a parabolic rally for Bitcoin (BTC) after the halving, but insisted that it could take up to a year and a half for Bitcoin’s price to catch up with the update.
On The Flipside
- Anthony Scaramucci disagrees with the claim of many of his peers that Bitcoin is an inflation hedge or a stable store of value due to the risk-on and risk-off nature of crypto.
- The known hedge fund founder remarked that Bitcoin “is going to be way more volatile than people like”, mentioning that only maturing adoption can tackle volatility issues.
Why This Matters
Insights from financial veterans can be instrumental in understanding Bitcoin’s adoption rate and historical price movement.
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