SkyBridge Capital CEO: Bitcoin still has "room to grow", future trading value may reach half of that of gold

According to reports, SkyBridge Capital CEO Anthony Scaramucci said in an interview with CNBC that Bitcoin has a lot of room to rise from its current price level of $69,000 and may one day trade at about half the total value of the global gold market. Scaramucci predicts that Bitcoin could reach as high as $170,000 in this cycle and added that most of the asset's price increase will occur over a longer time frame. "The trading price of Bitcoin could reach half the valuation of gold, which is about six to eight to ten times higher than it is now. This won't happen overnight and there will be great volatility," said Scaramucci. Currently, Bitcoin's market cap is approximately $1.35 trillion while gold's total value stands at $15.8 trillion. If Bitcoin's trading price can reach half the value of gold, then its market cap needs to grow by about 6 times from its current level - this would require each bitcoin to be priced around $400,000.

Scaramucci described recently approved spot bitcoin ETFs as "sales machines", believing these products will continue stimulating retail and institutional investors' demand for crypto assets growth. He also thinks that upcoming halving event for bitcoin (currently scheduled for April 20) will be a major catalyst for short-term increases in bitcoin prices.

In addition, Scaramucci added he "really likes" Solana and noted SkyBridge Capital holds small positions in SOL, Avalanche, Algorand and several other tokens.