SkyBridge Capital’s Anthony Scaramucci Explains Why Bitcoin Prices Could Reach $100K By Year-End

Anthony Scaramucci, founder of New York-based investment firm SkyBridge Capital, said in a CNBC interview this week that Bitcoin is on track to almost double from current levels despite the 17% decline over the past month.

Scaramucci is known for his long-time bullish outlook on Bitcoin. He believes it is a “store of value asset,” in other words, “digital gold,” which can reach a market capitalisation of $12 trillion. In the latest interview, the founder highlighted multiple bullish factors ahead for Bitcoin, which could drive its price to $170,000 apiece and over $100,000 by year-end.

Despite bitcoin prices plummeting to $55,854 after reaching record highs this year, the token has bounced back to over $58,712 as of July 10. Scaramucci thinks the selling pressure building up on Bitcoin since the halving event a few months ago will subside. The event reduced the Bitcoin rewards for miners, driving selling pressure among them to maintain profits.

Elsewhere, the bankrupt Japanese crypto exchange Mount Gox, which lost $9 billion worth of bitcoins due to hacking over a decade ago, has already started compensating investors with the recovered tokens. The defunct FTX crypto exchange, which collapsed in 2022, is also mulling compensating its depositors in full, which could mean returning up to $16 billion worth of crypto to investors.

“A lot of that was in bitcoin, it got frozen in the bankruptcy, it got dollarised, unfortunately, at low numbers for bitcoin, but going to go back to those account holder