{"id":482482,"date":"2022-01-31T17:00:21","date_gmt":"2022-01-31T17:00:21","guid":{"rendered":"https:\/\/wncen.com\/?p=482482"},"modified":"2024-06-11T14:11:04","modified_gmt":"2024-06-11T14:11:04","slug":"bitcoin-on-its-way-to-500000-anthony-scaramucci-explains-how","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-on-its-way-to-500000-anthony-scaramucci-explains-how\/","title":{"rendered":"Bitcoin On Its Way To $500,000? Anthony Scaramucci Explains How"},"content":{"rendered":"

Bitcoin at $500,000 is a trend that is growing more popular among large investors. Stakeholders in the crypto space like Cathie Wood have expressed that they believed the digital asset could make the half a million-dollar point. Naturally, they do not expect this to happen in one or two years but do believe that it is an inevitable end for the pioneer cryptocurrency.<\/p>\n

Anthony Scaramucci, the famed CEO of SkyBridge Capital, has revealed that he, too, shares this forecast for the cryptocurrency. Scaramucci gives his reasons and timeline for this in a recent interview with Kitco News.<\/p>\n

Bitcoin Headed To $500K<\/h2>\n

Scaramucci shared with Kitco News<\/a> that he sees the price of bitcoin hitting the $500,000 mark. Basically, the reason for this falls on the adoption trend of the digital asset. This trend has been compared to that of the internet in the \u201890s, which saw accelerated growth triggered in the next decade. BTC has been on a more accelerated timeline, so the next five years would spell exponential growth if it sticks to its current trend.<\/p>\n

This accelerated adoption has led the digital asset\u2019s value to grow very fast in a short time. Its growth on the four to five-year chart shows unprecedented levels of growth for bitcoin.<\/p>\n

Related Reading |\u00a0\u2018Bitcoin Rush\u2019: Small-Time Solo Miners Strike Gold With Full BTC Blocks<\/a><\/strong><\/em><\/p>\n

\u201cBitcoin has had at least 50% decline 10 times since 2012,\u201d said Scaramucci.\u201d In the last year, we\u2019ve had two 50% declines, obviously the most recent one but also one in May of 2021, so if you\u2019re long Bitcoin, you have to subject yourself to this type of volatility move.\u201d<\/p>\n

Scaramucci, however, did not provide a timeline for when he believes that bitcoin\u2019s price will ultimately hit the $500,000 mark.<\/p>\n

The Downtrend Won\u2019t Last<\/h2>\n

Scaramucci also touched on the recent downtrend that bitcoin and the market at large had been experiencing. Losing a lot of value in a short amount of time is not new to the market due to its highly volatile nature and the CEO explained that this is nothing to be worried about. The CEO told Kitco News that the current downtrend will not last and bitcoin will recover.<\/p>\n

\"Bitcoin<\/p>\n

BTC trading north of $37,000 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n

He also emphasized the need for looking towards the long term. Adding that those who hold for the long-term will end up with the most reward, comparing bitcoin to the years that Amazon stock was in a downtrend.<\/p>\n

Related Reading |\u00a030,000 Bitcoin Holders Lose Millionaire Status Following Market Crash<\/a><\/strong><\/em><\/p>\n

\u201cI\u2019ll just point out that people in Web 1.0, if the same sort of situation happened for Amazon and if you were wise enough and disciplined enough to hold Amazon and let that company take full advantage of the network effects associated with it, you did very well, and I think that\u2019s going to happen with Bitcoin,\u201d the CEO said.<\/p>\n

As for what triggered the sell-off that started the downtrend, the CEO said it is hard to tell. However, the digital asset is \u201cnow very tightly correlated with the higher growth, higher risk Nasdaq stocks.\u201d<\/p>\n

Featured image from TIME, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"

Bitcoin at $500,000 is a trend that is growing more popular among large investors. Stakeholders in the crypto space like Cathie Wood have expressed that they believed the digital asset could make the half a million-dollar point. Naturally, they do not expect this to happen in one or two years but do believe that it is an inevitable end for the pioneer cryptocurrency. Anthony Scaramucci, the famed CEO of SkyBridge Capital, has revealed that he, too, shares this forecast for the cryptocurrency. Scaramucci gives his reasons and timeline for this in a recent interview with Kitco News. Bitcoin Headed To $500K Scaramucci shared with Kitco News that he sees the price of bitcoin hitting the $500,000 mark. Basically, the reason for this falls on the adoption trend of the digital asset. This trend has been compared to that of the internet in the \u201890s, which saw accelerated growth triggered in the next decade. BTC has been on a more accelerated timeline, so the next five years would spell exponential growth if it sticks to its current trend. This accelerated adoption has led the digital asset\u2019s value to grow very fast in a short time. Its growth on the four to five-year chart shows unprecedented levels of growth for bitcoin. Related Reading |\u00a0\u2018Bitcoin Rush\u2019: Small-Time Solo Miners Strike Gold With Full BTC Blocks \u201cBitcoin has had at least 50% decline 10 times since 2012,\u201d said Scaramucci.\u201d In the last year, we\u2019ve had two 50% declines, obviously the most recent one but also one in May of 2021, so if you\u2019re long Bitcoin, you have to subject yourself to this type of volatility move.\u201d Scaramucci, however, did not provide a timeline for when he believes that bitcoin\u2019s price will ultimately hit the $500,000 mark. The Downtrend Won\u2019t Last Scaramucci also touched on the recent downtrend that bitcoin and the market at large had been experiencing. Losing a lot of value in a short amount of time is not new to the market due to its highly volatile nature and the CEO explained that this is nothing to be worried about. The CEO told Kitco News that the current downtrend will not last and bitcoin will recover. BTC trading north of $37,000 | Source: BTCUSD on TradingView.com He also emphasized the need for looking towards the long term. Adding that those who hold for the long-term will end up with the most reward, comparing bitcoin to the years that Amazon stock was in a downtrend. Related Reading |\u00a030,000 Bitcoin Holders Lose Millionaire Status Following Market Crash \u201cI\u2019ll just point out that people in Web 1.0, if the same sort of situation happened for Amazon and if you were wise enough and disciplined enough to hold Amazon and let that company take full advantage of the network effects associated with it, you did very well, and I think that\u2019s going to happen with Bitcoin,\u201d the CEO said. As for what triggered the sell-off that started the downtrend, the CEO said it is hard to tell. However, the digital asset is \u201cnow very tightly correlated with the higher growth, higher risk Nasdaq stocks.\u201d Featured image from TIME, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":482486,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[83804,428,85319,568,679,1119,1122,83803],"class_list":["post-482482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-anthony-scaramucci","tag-bitcoin","tag-bitcoin-500k","tag-bitcoin-future","tag-bitcoin-price","tag-btc","tag-btc-price","tag-skybridge-capital"],"acf":[],"yoast_head":"\nBitcoin On Its Way To $500,000? Anthony Scaramucci Explains How<\/title>\n<meta name=\"description\" content=\"Bitcoin at $500,000 is a trend that is growing more popular among large investors. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. 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