Bitcoin BTC/USD started the year with an impressive All-Time High (ATH) of greater than $77,000 in March after the approval of Bitcoin ETFs by the US Security and Exchange Commission (SEC). However, BTC has a penchant for exceeding expectations. It shattered the high from earlier in the year on December 3 when it finally crossed the $100,000 mark and reached over $103,5000. Two weeks later, Bitcoin exceeded $107,000 and now sits at just over $92,000.
There are many reasons for Bitcoin's growth and the burgeoning mainstream acceptance of the coin. Consistent global inflation and low interest rates have encouraged institutional and retail investors to look to BTC as a hedge against inflation. The re-election of Donald J. Trump and the announced resignation of Gary Gensler as chairman of the SEC have also helped foster optimistic sentiments among investors.
Trump nominated Paul Atkins as Gensler's successor and Atkins has a reputation of supporting cryptocurrencies and creating a more open regulatory environment for digital assets stemming from his tenure as SEC Commissioner between 2002 and 2008.
Read Also: Bitcoin Price Decisively Back Below $100,000: What Is Going On?
In November, we spoke with investor and Bitcoin supporter, Tim Draper, who called for $120,000 BTC in 2024. Judging by MicroStrategy's $5.4 billion BTC buy, Draper later said the estimate may be too low.
What do other experts in digital assets have to say about the trajectory of the world's most famous cryptocurrency in the waning days of 2024? And where do they see BTC going in 2025?
We spoke with Grant Cardone of Cardone Capital, Caitlin Long of Custodia Bank, Anthony Scaramucci of Skybridge Capital, Sandeep Nailwal of Polygon and Dean Skurka of WonderFi to get their unique perspectives on the future of BTC.
Grant Cardone, Fund Manager / CEO Cardone Capital, CEO of Cardone Training Technologies, Inc.
Cardone, entrepreneur, real estate mogul and motivational speaker, has taken an avid interest in crypto and recently announced the launch of Cardone Capital Space Coast Bitcoin Fund (Fund 26). In a tweet on X, Cardone said: "Commitments for ~100% of $87.5M fund. Targeting 30% annual returns & 100% return of all capital at 48 months."
When asked in interview about the future of Bitcoin, Cardone said "It is still early in fact because of the amount of adoption by governments, corporations, state treasuries & private business owners; we are still very early."
Cardone added the number of ways it's possible to gain exposure to Bitcoin as another cause for confidence.
"You can gain exposure to Bitcoin by buying it directly, through ETF investments, stocks of companies like MicroStrategy and now in real estate vehicles like we've created at CardoneCapital that uses cash flow to dollar cost average purchase the Bitcoin and spike traditional stable real estate returns."
Caitlin Long, Founder & CEO, Custodia Bank
Long is a vocal advocate of Bitcoin and has been an open critic of Gensler's tenure at the head of the SEC. Custodia Bank faced resistance from federal regulators, and in 2023, the Federal Reserve Board rejected it, citing concerns over the risks in digital assets.
Custodia offers segregated custody accounts for Bitcoin and Long is a true believer in the fundamentals behind BTC. In an interview, she expressed her optimism for BTC.
"I don’t make price predictions, but for fundamental reasons tied to halvings, Bitcoin has pronounced 4-year cycles – 210,000 blocks at 10-minute average block intervals, to be precise. If the past is prologue, 2025 will be a bull market year. Generally, more ‘up and to the right' movements should be on tap!"
Anthony Scaramucci, Founder & CEO of SkyBridge Capital
Scaramucci is a strong supporter of cryptocurrencies and uses his platform to educate traditional investors on BTC's potential. SkyBridge offers crypto funds including the SkyBridge Bitcoin Fund.
He recently published his latest book, "The Little Book of Bitcoin: What You Need to Know that Wall Street Has Already Figured Out."
Asked where he expects BTC to land by the end of 2024, Scaramucci said, "I see us finishing the year around the $100,000 level. We need to digest this big post-election move and see more concrete plans from the Trump regime on new regulatory frameworks."
Scaramucci's prognostications for 2025 were even more bullish, similar to Tim Draper's predictions.
"I see Bitcoin doubling in 2025 to $200,000. Don’t underestimate Sen. Cynthia Lummis’ determination to build a Strategic Bitcoin Reserve, which would likely cause a cascading effect with other nation-states and corporations."
Sandeep Nailwal, Co-Founder Of Polygon
Nailwal is a visionary in the blockchain industry, not only for helping to found the Layer 2 blockchain network, Polygon MATIC/USD to add speed and reduce costs while using the Ethereum Virtual Machine (EVM), but also for his work shaping the Ethereum ETH/USD ecosystem, creating tools to make blockchain development easier as well as for his work developing ZK-rollups, sidechain technology and modular frameworks for greater scalability.
Nailwal stands with most leaders in the blockchain space – a stronger BTC is a net win for all parts of Web3.
“Bitcoin's success is a win for everyone in crypto. It builds trust, brings in more people, and shows the world what decentralized tech can do.
As more users and institutions embrace Bitcoin, it creates a gateway for them to explore the broader blockchain space. That isn't just about Bitcoin thriving – it's about unlocking new ideas, driving innovation, and helping the entire ecosystem grow stronger together.”
Dean Skurka, President And CEO WonderFi
Skura's work has focused on compliance and accessibility in cryptocurrency, ultimately seeking to bring traditional finance and digital finance closer together.
Skura is optimistic that the changing regulatory landscape in the US will be good news for BTC.
"With the incoming administration in the US, discussions of a National Bitcoin Strategic Reserve, and continued institutional inflows into US Spot Bitcoin ETFs, we expect Bitcoin to continue to gain mainstream adoption, which will only further improve the long-term prospects for Bitcoin. The industry's prospects have never looked brighter, and we look forward to many more milestones in 2025."
Now Read:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
