The CEO of global investment firm Skybridge Capital predicts that crypto markets will see more institutional interest in the next 12 to 18 months.
On a new episode of The Best Business Show, Anthony Scaramucci tells the host and the Bitcoin bull Anthony Pompliano says more institutional investors are likely to jump on the crypto bandwagon as regulators move to remove obstacles involved in buying and holding digital assets.
“I will make a bold prediction, Anthony. I believe there will be institutional interests over the next 12 to 18 months because now you have checked the regulatory box and this Checking this box will lead to establishments saying, “Hey, I have to enter this thing. I must have a piece of this. I have to understand that, and what would George Soros say? He was saying ‘Invest and check later’.”
Scaramucci considers the possibility of BTC, currently valued at $61,354.19, returning to $50,000, but says the top cryptocurrency will likely break the six-digit mark after the US Securities and Exchange Commission gave the go-ahead for the first batch of bitcoin futures-funds Traded (ETF).
“Probably $150,000 over the next 12 months. I’ll stick with the previous price target I shared with you in our SALT talk when I did my podcast. I think it’s a One hundred thousand by the end of the year. I just think it’s because there’s a portal open now… a portal opened yesterday where the enterprise can now say “I can buy this”.
… Some of my friends said, “Well, I don’t get the vaccine until the Food and Drug Administration approves the vaccine.” So this kind of metaphor happened with Bitcoin. It has been approved by the Securities and Exchange Commission. Bitcoin lives in the financial regulatory ecosystem, it’s not going anywhere and now, I opened this gateway for a high-end early adopter institution to say ‘It’s okay for me to step into the water here. I wouldn’t be fired if I owned this thing.”
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Featured image: Shutterstock / Mia Stendal