Bitcoin Has the Potential to Reach $500,000, Says Anthony Scaramucci

Bitcoin Has the Potential to Reach $500,000, Says Anthony Scaramucci

Scaramucci believes that BTCs limited supply is its biggest advantage.

“One Bitcoin will easily trade at $500,000,” Anthony Scaramucci said in an interview with CNBC. The American entrepreneur and CEO of SkyBridge said that BTC‘s popularity is growing, and millionaires want to acquire the world’s most dominant crypto asset.

After touching an all-time high of $68,600 on 9 November, Bitcoin held the price level of $63,000 on Monday. With a jump of more than 130% in 2021, BTC is one of the best-performing financial assets.

According to Scaramucci, Bitcoin and other digital currencies are still at an early stage of adoption. Former Goldman Sachs Executive said that he is trying his best to let people know about the importance of Bitcoin and its potential.

“I believe that we are very early. If Cathie Wood is correct, you would have a billion wallets by the end of 2024 and into the middle of 2025. Bitcoin will easily trade at $500,000. Remember, you don‘t even have enough Bitcoins for every millionaire in our society to own one coin. JPMorgan says there are 49 million millionaires. You don’t even have enough. So, for me, Im trying my best to explain to people why they need to own right now,” Scaramucci told CNBC.

Bitcoin Volatility

Despite the exponential growth in its price, Bitcoin critics argue that the price volatility in BTC is one of its negative aspects. However, the volatility has declined in the last few months. Michael Saylor, CEO of MicroStrategy, one of the largest institutional holders of Bitcoin, believes that BTCs volatility will decrease in the future amid a jump in its institutional adoption.

“Bitcoin volatility is going to decrease as institutional adoption continues. The current volatility is a function of narrow distribution, excessive leverage, exposure to other crypto assets, and asymmetric tax, accounting, banking, & exchange standards vs. gold & equity indexes,” Saylor said in a reply to Will Clemente, who ran a poll on BTCs volatility.