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Bitcoin Price Of $500,000 Within Next 5 Years, Anthony Scaramucci Predicts

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According to Anthony Scaramucci, the founder of investment firm SkyBridge Capital, Bitcoin will reach a price of $500,000 in the next four to five years. This, according to the financier, will be made possible by Bitcoin’s global popularity in this time frame. He goes on to say that Bitcoin cannot currently be considered an inflation hedge.

Anthony Scaramucci, the founder of SkyBridge Capital, indicated in an interview with Kitco News that Bitcoin had the potential to reach a price of $500,000 within the next four to five years.

“ I ultimately think that Bitcoin will be worth half a million dollars, and it will take four to five years. The ride will be rocky, but it will certainly be worth it”, he said.

The continuing growth of the Bitcoin network to accommodate additional users, according to the former White House director of communications, will fuel this 14x increase from current levels. Scaramucci expects that over a billion Bitcoin wallets will exist on the network in the next five years, along with a price tag of $500,000.

In contrast to popular belief, Scaramucci stated that he does not consider Bitcoin (BTC) to be an inflation hedge at this time. Instead, he believes that if Bitcoin gets more widely used, it will evolve into a store of value and inflation hedge.

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Scaramucci is the most recent addition to the list of long-term Bitcoin bulls. This week, Cathie Wood’s ARK Invest issued a highly positive price forecast for Bitcoin. According to the investment managers’ research, Bitcoin might reach a price of over $1 million by 2030.

While there are many bullish long-term price projections for Bitcoin, the pioneer cryptocurrency has had a slow start in 2022. Bitcoin is down roughly 20% year to date as the market reacts to a number of negative factors, including fears of the Federal Reserve tightening its monetary policy. The remainder of the crypto market has also witnessed a bloodbath, with more than $600 billion in market capitalization being wiped out.

Regardless, numerous analysts believe the downturn is a great time to buy. The “moment to get richer,” as Robert Kiyosaki, author of the best-selling book Rich Dad Poor Dad, puts it.