{"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
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 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 <\/p>\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>\nThe Downtrend Won\u2019t Last<\/h2>\n
BTC trading north of $37,000 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n