Anthony Scaramucci, the founder of SkyBridge Capital, has forecasted a potential 40% drop in Bitcoin’s value before it hits the $500,000 milestone.
Scaramucci, a seasoned Wall Street veteran, sees volatility as an inherent part of the cryptocurrency market. He underscored the significance of long-term investment and urged investors to be ready for market swings.
Despite his warning of a potential correction, Scaramucci remains optimistic about Bitcoin’s future, predicting its value to reach half a million dollars within the next five to six years.
“I predict that Bitcoin will probably get to $500,000 over the next five or six years. But could we have a 40% correction between now and then? Certainly. So you know, you got to be ready,” Scaramucci said.
Speaking with Coinage, he pointed out the discrepancy between market perception and reality, implying that Bitcoin’s adoption is still in its infancy.
Scaramucci encouraged investors to hold onto their assets, citing his own experience of prematurely selling shares in companies like Apple Inc. AAPL, Amazon.com Inc. AMZN, Microsoft Corporation MSFT, and Nvidia Corporation NVDA. He emphasized that underestimating the potential of Bitcoin is the gravest mistake an investor can make.
Also Read: Scaramucci: Bitcoin Is a Volatile Asset, But ‘Ready for Prime Time Institutional Investing’
“If you have a great asset and I believe Bitcoin is a great asset, hold the asset. I sold Apple, I sold Amazon, I sold Microsoft, I sold Nvidia when it was a gaming company, and I didn’t really understand it. The mistakes I’ve made in my career is I’ve sold great assets too early. Learn from my 37 years on Wall Street, learn from my mistakes,” he said during the conversation.
While recognizing the current bullish trend of the crypto market, Scaramucci cautioned investors to prepare for a possible crypto crash, reminding them that good times don’t last forever.
Scaramucci’s predictions underscore the volatile nature of the cryptocurrency market. His advice to investors to hold onto their assets and not underestimate Bitcoin’s potential highlights the long-term view many are taking towards this digital asset.
His warning of a possible crypto crash serves as a reminder to investors that while the market may be bullish now, it is subject to rapid and significant changes.
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