Anthony Scaramucci, who served as the Communications Director for the White House in the past, has come up with rather tall claims. He said that there's a good chance Bitcoin will touch $50,000 once again in the next few years. This comes at a time when the crypto markets as a whole are rebounding from their all times lows.
Anthony Scaramucci is also the founder of SkyBridge Capital which explains his interest in the financial markets. For now, Anthony is anticipating a recovery in digital assets during 2023. In fact, he believes that 2023 will be the year of recovery for crypto.
He also stated how 2023 would be the year when we witness a major rally in the Bitcoin that could take Bitcoin in the $50,000 - $100,000 range.
Anthony did make clear that any investment in Bitcoin & other cryptocurrencies means you are taking a risk. But if we see a rise in crypto adoption, it would also lead to considerable rewards.
So based on the theory that crypto adoption will rise, there's no reason why Bitcoin couldn't reach a price somewhere between $50K to $100K. For this bullish forecast, Anthony believes that it will take at least 2 to 3 years.
Since the start of 2023, we have seen a rally in cryptocurrencies, and part of it is the hope that the Fed will slow down its outsized rate hikes. Basically, higher interest rates mean more people will be putting their money in their bank accounts as compared to putting it at risk in crypto markets.
But in 2023, we have seen a 26% increase in Bitcoin (BTC) prices which are now trading at $21,000. Similarly, Ethereum (ETH) is also up by 29% and was trading near $1500.
But when we look at the bigger picture, this recent rally is still not enough to recover all the losses witnessed by cryptocurrencies during 2022.
During 2022, Bitcoin, as well as the Ether, lost more than 50% of its value due to the rising interest rates. In addition, we also saw the meltdown of some major crypto firms and hedge funds.