​SkyBridge founder predicts bitcoin at $100 000 by 2025

After a tumultuous 2022, crypto investors are trying to figure out when the next bitcoin bull run could be.

Last week, at a crypto conference in St. Moritz, Switzerland, CNBC spoke to industry insiders who painted a picture of 2023 as year of caution. Bitcoin is expected to trade within a range, be sensitive to the macroeconomic situation such as interest rate rises and continue to be volatile. A new bull run is unlikely in 2023.

“So who knows, as people look to make allocations going into the new year where crypto will fit into that portfolio?”

In CNBC’s interviews, several industry participants spoke about historical bitcoin cycles, which happen roughly every four years. Typically, bitcoin will hit an all time high, then have a massive correction. There will be a bad year and then a year of mild recovery.

Then “halving” will happen. This is when miners, who run specialized machines to effectively validate transactions on the bitcoin networks, see their rewards for mining cut in half. Miners get bitcoin as a reward for validating transactions. The halving, which happens every four years, effectively slows down the supply of bitcoin onto the market. There will ever only be 21 million bitcoin in circulation.

Halving usually precedes a bull run. The next halving event takes place in 2024.

Scaramucci called 2023 a “recovery year” for bitcoin and predicted it could trade at $50,000 to $100,000 in two to three years.

“You are taking on risk but you’re also believing in [bitcoin] adoption. So if we get the adoption right, and I believe we will, this could easily be a fifty to one hundred thousand dollar asset over the next two to three years,” Scaramucci said.

Tai meanwhile said the beginning of a bull run is “probably a year away,” saying the after effects of the FTX collapse might continue to be felt for another six to nine months.

Jean-Baptiste Graftieaux, global CEO of cryptocurrency exchange Bitstamp, told CNBC last week that the next bull run could come over the next two years, citing rising interest from institutional investors.

However, Demirors warned that the events over 2022 “have caused tremendous reputational damage to the industry and to the asset class,” adding that “it will take some time for that confidence to return.”