SkyBridge Capital founder Anthony Scaramucci maintains his Bitcoin (CRYPTO: BTC) outlook despite recent volatility in broader cryptocurrency markets.
What Happened: In an appearance on CNBC’s Squawk Box on Monday, Scaramucci defended his bullish outlook while announcing his new role as lead advisor to Avax One, a digital asset treasury company focused on Avalanche (CRYPTO: AVAX) tokens.
With Bitcoin trading around $112,000–$113,000, Scaramucci attributed recent dips to seasonal patterns, noting that September is historically the weakest month for crypto due to tax selling and profit-taking.
Despite this, SkyBridge maintains a year-end target of $150,000.
Addressing potential downside, Scaramucci said, "I think you could go below $100,000, but I think it could also get to $150,000 fairly quickly," signaling comfort with wide price swings and emphasizing long-term institutional adoption trends.
He cited SkyBridge's 2020 Bitcoin investment, initially criticized as "internet magic money", as proof of crypto's potential despite volatility.
Also Read: ‘I’m Not A Crypto Person At All’, Says Billionaire Investor Who Sees Bitcoin’s Momentum Stalling
Why It Matters: Scaramucci believes that current market conditions could "extend the cycle for Bitcoin in a way unlike previous cycles." He highlighted structural shifts—such as growing ETF demand and the adoption of digital assets by corporate treasuries—as key factors driving this extended cycle.
"There's significantly more demand now," he noted. "If you look at ETF purchases and digital asset treasuries, you'll see a major proliferation coming."
He suggested that the development of institutional infrastructure provides a more stable foundation for demand compared with past cycles.
Scaramucci's strategy, which balances ambitious Bitcoin targets with expansion into Avalanche infrastructure, mirrors the broader trend of institutional adoption in crypto, even as markets experience typical seasonal weaknesses.
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