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  • Writer's pictureConnie Chan

Anthony Scaramucci’s Skybridge Capital Forecasts Bitcoin Goes to $35k in 2023

After a disastrous 2022, there are many in the Bitcoin and crypto space who are looking to the new year favourably, and believe that there may be some hope on the horizon in the coming months and years, with several bullish catalysts potentially on the horizon. Anthony Scaramucci of SkyBridge Capital is particularly bullish on Bitcoin moving forward.

SkyBridge Capital forecasts Bitcoin to $35k in 2023

Anthony Scaramucci’s SkyBridge Capital are optimistic for this year, and believe that the price of Bitcoin will appreciate significantly.

More specifically, Scaramucci has made the prediction that the price of Bitcoin will eclipse $35k in 2023.

Currently, SkyBridge Capital manages approximately $2.2 billion, with approximately $800m allocated to investments in the digital asset space.

These investments in the digital asset space are overwhelming in Bitcoin and Ether, but Skybridge also holds some smaller investments in Solana and Algorand, both of which have been struggling as of late.

Moreover, Scaramucci has signalled that the firm is looking to exit some of their riskier positions after the FTX bankruptcy, but are waiting to see how their bankruptcy filings fully pan out before making any concrete decisions, since it is such a volatile situation with so many moving parts.

The halvening may not be priced in

The Bitcoin halvening is one of the most significant aspects of the cryptocurrency markets thanks to the impact that it has on the market cycles.

Every four years the block reward is cut in half, which means that the potential selling pressure from the miners is significantly reduced, the inflation rate falls, and the asset becomes scarcer.

With previous cycles, there was far more hype pertaining to the upcoming halvening a year in advance, but there has been a noticeable lack of coverage amongst the Bitcoin community this time around, which could either reflect that the halvening isn’t priced in or that the halvening has a diminishing effect on the market with each cycle, as the relative reduction in Bitcoin’s inflation diminishes.

Pressure is mounting on Powell not to keep raising rates

Many analysts are lamenting Chairman Powell’s determination to continue to raise interest rates despite the impact that this is having on asset prices.

The rising interest rates that he has been implementing throughout this leadership have gone some way to reduce inflation, but this may no longer be such a key issue now that inflation appears to have peaked.

More data on inflation numbers is expected to be released tomorrow, which could alter the trajectory of the Federal Reserve’s policies moving forward.

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If Powell does choose to freeze or lower interest rates once more, this could be hugely beneficial for asset prices, which would recover significantly. As a risk on asset class, the crypto industry would also gain from this decision.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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