SkyBridge Capital founder Anthony Scaramucci has sought to allay critics' concerns that escalating tensions in the Middle East are weighing on Bitcoin, expressing confidence that the world's largest cryptocurrency has room for more upside and should not be written off.
The head of the investment firm is sure that BTC is "still an early stage technical asset that will trade like other risk assets until it exceeds a billion users which should happen by the end of 2026, if not sooner."
Considering that the US dollar has lost 22% of its value since January 2020, while Bitcoin has rallied since then, Scaramucci believes that the digital currency can be rightly compared to the US currency. According to him, BTC has some inflation hedging features despite its volatile nature.
In addition, the founder of Skybridge compared Bitcoin to the first airplane of the Wright brothers. He recalled that in 1918, there were still skeptics who claimed that flights would not be commercially viable. With this in mind, Scaramucci recommended that investors stay bullish on BTC. "It pays to be long this asset and patient," he concluded. The entrepreneur predicted that the first cryptocurrency could soar to $170,000, with its market cap eventually reaching half the market cap of gold.
