Skybridge Capital Founder Predicts Bitcoin Price to Surge Past $170,000 Next Year

The Bitcoin Halving and Institutional Demand for Spot Bitcoin ETFs to Boost Crypto Price, Says Anthony Scaramucci

Skybridge Capital founder Anthony Scaramucci expects the price of bitcoin to surge past $170,000 next year if the cryptocurrency maintains its current level until the halving in April. Scaramucci predicts that the upcoming Bitcoin halving, combined with the increasing institutional demand for newly listed spot bitcoin exchange-traded funds (ETFs), will contribute to the rise in price.

Bitcoin Price Outlook Based on ETF Demand and Halving

In an interview at the Reuters Global Markets Forum, Anthony Scaramucci shared his bitcoin price prediction. He explained that his forecast is based on the demand for newly approved spot bitcoin ETFs and the impending Bitcoin halving. Scaramucci stated, "If bitcoin is at $45,000 on the halving, where it roughly is right now, it'll be $170,000 by mid- to late 2025."

Scaramucci further added, "Wherever the price is on the day of the halving in April, multiply it by four, and it'll reach that price in the next 18 months." Previously, Scaramucci had predicted a massive capital inflow from Wall Street into spot bitcoin ETFs.

Bitcoin ETF Approvals and Price Impact

Last week, the SEC approved 11 spot bitcoin ETFs, which generated anticipation in the market and led to bitcoin's price exceeding $49,000. However, the price subsequently dropped to around $42,000. At the time of writing, BTC is trading at $43,420.63.

According to Scaramucci, the decline in bitcoin's price following the spot bitcoin ETF approvals is a result of investors shifting funds out of Grayscale Bitcoin Trust into the new spot bitcoin ETFs. He expects the impact of these funds flowing into spot bitcoin ETFs to be visible within eight to 10 trading days. Notably, Grayscale converted its bitcoin trust (GBTC) into a spot bitcoin ETF and commenced trading on the NYSE last week.

Bitcoin Halving and Price Expectations

Many experts anticipate that the bitcoin halving will drive the price of the cryptocurrency higher. Michael Saylor, the executive chairman of Microstrategy, stated in November that the demand for bitcoin is expected to double after the halving and spot bitcoin ETF approvals. Asset management firm Vaneck, in its year-end crypto predictions, also anticipates minimal market disruption and a post-halving rise in bitcoin's price, with significant gains for some low-cost miners. Additionally, Pantera Capital predicted in August last year that BTC will skyrocket to $148,000 after the halving, while venture capitalist Tim Draper expects bitcoin to reach $250,000 this year.

What are your thoughts on Skybridge Capital founder Anthony Scaramucci's prediction that the price of bitcoin will surpass $170,000 next year? Share your opinions in the comments section below.

Frequently Asked Questions

Can I hold physical gold in my IRA?

Gold is money. Not just paper currency. Gold is an asset people have used for thousands years as a place to store value and protect their wealth from economic uncertainty and inflation. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.

Today, Americans prefer precious metals like silver and gold to stocks and bonds. It is possible to make money by investing in gold. However, it doesn't guarantee that you'll make a lot of money.

Another reason is that gold has historically outperformed other assets in financial panic periods. The S&P 500 dropped 21 percent in the same time period, while gold prices rose by nearly 100 percent between August 2011-early 2013. Gold was one of the few assets that performed better than stocks during turbulent market conditions.

Gold is one of the few assets that has virtually no counterparty risks. Your stock portfolio can fall, but you will still own your shares. However, if you have gold, your value will rise even if the company that you invested in defaults on its loans.

Finally, gold offers liquidity. This allows you to sell your gold whenever you want, unlike many other investments. Gold is liquid and therefore it makes sense to purchase small amounts. This allows you to profit from short-term fluctuations on the gold market.

Should You Buy Gold?

Gold was considered a safety net for investors during times of economic turmoil in the past. Many people are now turning their backs on traditional investments like stocks and bonds, and instead look to precious metals like Gold.

The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.

Some experts think that this could change in the near future. Experts predict that gold prices will rise sharply in the wake of another global financial collapse.

They also note that gold is increasingly popular because of its perceived intrinsic value and potential return.

If you are considering investing in gold, here are some things that you need to keep in mind.

• First, consider whether or not you need the money you're saving for retirement. You can save for retirement and not invest your savings in gold. However, when you retire at age 65, gold can provide additional protection.
• Second, ensure you fully understand the risks involved in buying gold. Each one offers different levels security and flexibility.
• Remember that gold is not as safe as a bank account. It is possible to lose your gold coins.

You should do your research before buying gold. And if you already own gold, ensure you're doing everything possible to protect it.

What is the cost of gold IRA fees

The Individual Retirement Account (IRA), fee is $6 per monthly. This fee covers account maintenance fees, as well any investment costs that may be associated with your investments.

To diversify your portfolio you might need to pay additional charges. The type of IRA you choose will determine the fees. Some companies offer free checking accounts, but charge monthly fees to open IRA accounts.

A majority of providers also charge annual administration fees. These fees range between 0% and 1 percent. The average rate is.25% per year. These rates are usually waived if you use a broker such as TD Ameritrade.

Can I own a gold ETF inside a Roth IRA

Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).

Traditional IRAs allow for contributions from both employees and employers. You can also invest in publicly traded businesses by creating an Employee Stock Ownership Plan (ESOP).

An ESOP is a tax-saving tool because employees have a share of company stock as well as the profits that the business generates. The money in the ESOP can then be subject to lower tax rates than if the money were in the individual's hands.

A Individual Retirement Annuity (IRA), is also available. You can make regular payments to your IRA throughout your life, and you will also receive income when you retire. Contributions to IRAs do not have to be taxable

Statistics

• This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
• Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
• You can only purchase gold bars at least 99.5% purity. (forbes.com)
• Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
• If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)

External Links

irs.gov

• Internal Revenue Service
  

wsj.com

• Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
  
• You want to keep gold in your IRA at home? It's Not Exactly Legal – WSJ
  

cftc.gov

• Fraud Advisory: Precious Metals Fraud | CFTC
  

forbes.com

• Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
  
• Understanding China's Evergrande Crisis – Forbes Advisor
  

How To

Tips for Investing with Gold

One of the most sought-after investment strategies is investing in gold. There are many advantages to investing in Gold. There are several ways to invest in gold. There are many ways to invest in gold. Some prefer buying physical gold coins while others prefer gold ETFs (Exchange Traded Funds).

Before buying any kind of gold, you need to consider these things.

• First, find out if your country allows gold ownership. If your country allows you to own gold, then you are allowed to proceed. You can also look at buying gold abroad.
• Secondly, you should know what kind of gold coin you want. You can choose between yellow gold and white gold as well as rose gold.
• The third factor to consider is the price for gold. Start small and move up. When purchasing gold, diversify your portfolio. Diversify your investments in stocks, bonds or real estate.
• Last but not least, remember that gold prices fluctuate frequently. Therefore, you have to be aware of current trends.

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By: Kevin Helms
Title: Skybridge Capital Founder Predicts Bitcoin Price to Surge Past $170,000 Next Year
Sourced From: news.bitcoin.com/skybridge-founder-expects-bitcoin-to-surpass-170000-next-year/
Published Date: Wed, 17 Jan 2024 00:30:40 +0000