Why (And When) Anthony Scaramucci Expects Bitcoin To Reach $500,000

SkyBridge Capital's Anthony Scaramucci was asked Friday if he would still be advising people to buy Bitcoin BTC/USD after the cryptocurrency made new all-time highs this week.

"No question about that," Scaramucci said Friday on CNBC's "Squawk Box."

With Bitcoin trading above the $60,000 level, Scaramucci still thinks "we are very, very early."

He pointed out that Ark Invest's Cathie Wood anticipates there being at least 1 billion crypto wallets by the end of 2024.

"If Cathie Wood is correct, you have a billion wallets at the end of 2024 into the middle of 2025, these coins will easily trade at $500,000 a coin," Scaramucci said."

See Also: If You Invested $1,000 In Bitcoin on Jan. 1, 2021, Here's How Much You'd Have Now

Statistics show that there are about 49 million millionaires, according to the SkyBridge Capital founder.

"You don't even have enough Bitcoins for every millionaire in our society to own one coin," he said. "I think this is a very scarce property. This is very very early ... and I'm trying to do my best to explain to them why they need to own this right now."

$BTC Price Action: Bitcoin is up 121% year-to-date. At publication time, it was down 1.03% at $63,962 over a 24-hour period.

Photo: EivindPedersen from Pixabay.