Anthony Scaramucci, the founder of SkyBridge Capital, has made a bold prediction that Bitcoin could surge to $100,000 by the close of 2024. In an insightful interview with Bloomberg, Scaramucci highlighted two pivotal factors that could drive this potential rise: anticipated interest rate cuts from the Federal Reserve and increasing bipartisan support for pro-crypto legislation in the United States.
Scaramucci has long been bullish on Bitcoin and remains confident that this leading cryptocurrency will reach the $100K milestone soon.
Rate Cuts to Power Bitcoin’s Surge
According to Scaramucci, the Federal Reserve’s expected move to reduce borrowing costs could be a significant catalyst for Bitcoin’s price surge. He predicts that the central bank will cut rates by half a percentage point, with additional reductions totaling up to 150 basis points over the next 18 months. These rate cuts, coupled with a more favorable regulatory environment, are expected to benefit asset prices, including Bitcoin.
Scaramucci emphasized the growing bipartisan support for crypto and stablecoin legislation in the United States. He anticipates that pro-crypto policies will be introduced in the next congressional term, which could further boost Bitcoin’s value. In his view, this combination of rate cuts and regulatory clarity could create an ideal environment for Bitcoin to reach six figures by the end of next year.
Pro-Crypto Legislation on the Horizon
Another major factor behind Scaramucci’s optimistic outlook is the expected pro-crypto legislation in the U.S. Congress. He believes that bipartisan support is on the rise and that the next congressional term will bring much-needed regulatory clarity concerning cryptocurrency and stablecoins.
This legislation, which Scaramucci predicts will pass in early 2024, would provide the legal framework necessary to boost investor confidence and encourage broader adoption of digital assets. He sees this as a crucial turning point for the entire crypto industry, potentially triggering a massive rally in Bitcoin.
Bitcoin Bull Run on the Horizon?
Bitcoin has already experienced a 5% increase ahead of the Federal Reserve’s policy decision, which many analysts believe could mark the beginning of a more extensive rally. Scaramucci’s prediction aligns with the growing sentiment that Bitcoin could see significant gains as the U.S. economy enters a period of lower interest rates and clearer regulatory guidelines.
Moreover, Bitcoin recently surged to $61,000 before settling back into the $60,000 range. It has risen 7% in the past week, although it remains down 10% over the past 60 days. At the time of writing, Bitcoin is trading at approximately $60,479, with a 24-hour trading volume soaring by 39% to reach $39 billion.
Given these favorable conditions, Scaramucci remains confident that Bitcoin could hit the six-figure mark by the end of 2024.
