Global investment firm Skybridge Capital is betting on bitcoin reaching the $35,000 price level by the end of 2023 on the back of continued changes in the crypto market.
Skybridge Capital founder Anthony Scaramucci said the view was “extremely bullish”, though the recent crypto rally could pick up speed with the upcoming bitcoin “halving”, which occurs every 4 years and halves the number of new bitcoins released. cuts into
“If bitcoin can trade back to $35,000, Skybridge is going to have an amazing year,” Scaramucci reportedly said. Told Reuters Global Markets Forum in Davos, Switzerland.
Historically, bitcoin halvings have been followed by periods of higher prices as the event effectively slows down the supply of BTC on the market. While it is not possible to know when the next halving will occur, experts point to May 2024 as an anticipated date.
Skybridge is one of the few investment firms that has invested in Bitcoin, Ethereum, Solana and other cryptocurrencies. The company also plans to invest in the structured credit market to drive 2023 returns following its losses in 2022.
“Structured loans, mortgage-backed securities, credit card loans, auto loans–it’s again an attractive space,” Scaramucci said. As of last September, his firm managed $2.2 billion, including $800 million in investments related to digital assets.
In another interview with CNBC, Scaramucci called 2023 a “recovery year” for bitcoin and predicted that the leading cryptocurrency could reach $50,000 to $100,000 in two to three years. he Told,
“You’re taking a risk but you’re also believing in it.” [bitcoin] Adoption. So if we get the adoption right, and I believe we will, it could easily be a fifty to a million dollar asset in the next two to three years.
Over the weekend, the leading cryptocurrency broke above key resistance levels and extended its rallies. The world’s largest cryptocurrency bitcoin has crossed the $21,000 price mark, while ethereum hovers around $1,600. Both coins have gained around 20% in the past week.
Although a mix of factors may have influenced the recent crypto rally, the crypto market managed to catch up Inflation has shown signs of easing following new data released on Thursday by the US Labor Department.
As expected, the annual inflation rate fell to 6.5% in December, compared to 7.1% in November. Month-on-month, inflation declined by 0.1% compared to an increase of 0.1% in the previous month. Core CPI, which does not take into account volatile food and energy prices, fell to 5.7% from 6% in November.
Low inflation is generally seen as bullish for risk assets like crypto as it puts pressure on the US Federal Reserve to slow down on rate hikes.
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