Bitcoin has been trading below the $ 50,000 mark in the past few days, but some analysts are optimistic that the price could double before the end of the year.
SkyBridge Capital CEO and Founder Anthony Scaramucci is confident that Bitcoin will hit the $ 100,000 mark before the end of the year, thanks to the increasing demand for the cryptocurrency every year.
Scaramucci said this in a recent YouTube interview. During the interview, Scaramucci said that the limited and fixed supply of Bitcoin and the increasing demand every month are in the cryptocurrency’s advantage. He added, “As long as I see this, I see these prices go up. So we’re sticking to the target price of $ 100,000. “
The cryptocurrency market entered a bearish cycle over the summer, with the prices of Bitcoin and other cryptocurrencies losing over 40% of their value. However, last month Bitcoin made up for some of the losses, hitting the $ 50,000 mark before declining slightly and currently trading around $ 47,000 per coin.
Scaramucci was previously a bitcoin critic but has changed his stance in recent years. His investment firm SkyBridge Capital launched its first Bitcoin fund last year and provided $ 25 million for the cryptocurrency. In the past 12 months, SkyBridge has expanded its exposure to Bitcoin.
The CEO announced that his investment firm now holds around $ 650 to 700 million in Bitcoin for its product portfolio. Scaramucci now believes in Bitcoin, previously saying that the leading cryptocurrency is growing faster than Google, Facebook and Amazon.
Bitcoin has won many admirers in recent years thanks to its performance. It remains one of the top performing financial assets of the past decade, outperforming other major financial assets like gold, crude oil, and more.
Although Bitcoin is currently battling for the $ 47,000 region, some analysts and market experts are confident that the rally will continue and the leading cryptocurrency can hit the $ 100,000 mark. This would increase the price of Bitcoin by more than 100% compared to its current trading level.