SkyBridge managing partner predicts the bitcoin rate to rise to $170 000 after halving
The reduction of the reward to miners on the Bitcoin network is expected in April this year
30.01.2024 - 11:55
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The material is not an investment recommendation and is published for informational purposes only.
What’s new? Anthony Scaramucci, founder of investment firm SkyBridge Capital, believes that the bitcoin exchange rate will jump to at least $170 000 after the halving in April. “The day that Bitcoin halves, multiply it by four [and] 18 months later, and it’s been uncanny that that’s been the price of Bitcoin,” Scaramucci said on The Wolf Of All Streets podcast with Scott Melker.
Halving is code’s embedded cut in half of the reward to miners for a mined block on the blockchain, which occurs approximately every four years. Initially, miners received 50 BTC; on November 28, 2012, the number dropped to 25 BTC, on July 9, 2016, to 12,5 BTC, and on May 11, 2020, to 6,25 BTC. In April 2024, the award will be cut to 3,125 BTC.
What else is known? According to Scaramucci, if BTC is at $50 000 in April, the price of the asset will rise to $200 000 a year and a half after the halving. “Let’s say we’re at $60 000, it will be $240 000,” the investor explained.
As for the long-term exchange rate, Scaramucci predicts that bitcoin’s capitalization could reach half of gold’s capitalization, which is $14,5 trillion. The price of the coin would thus be around $345 000.
Bitcoin has surpassed silver to become the second-largest commodity ETF in the US
BTC ETFs have $27,5 billion in total assets under management
Earlier, the head of SkyBridge said that the bitcoin rate could reach $100 000 after the halving. Another reason for the rally, he called the reduction of the interest rate by the US central bank.
As of January 30, 11:30 UTC, the asset is traded on Binance at $43 458, having added 2,7% over the day and 11,3% over the week (data from the CoinGecko aggregator).
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