In a recent episode of the CNBC program ‘Closing BellBitcoin maximalist and investor Anthony Scaramucci was our guest. During the interview, he expressed optimism about Bitcoin’s future, predicting that the price could rise to $170,000 in the current cycle.

Scaramucci based his optimism on the significant increase in both mainstream and institutional adoption of Bitcoin. In particular, he pointed out the crucial role of Bitcoin spot exchange-traded funds (ETFs) approved by the US Securities and Exchange Commission (SEC). These financial products have attracted billions of dollars in new investments. According to Scaramucci, the significant inflows of over $10 billion in the first quarter show that Bitcoin ETF adoption is much faster than early gold ETF adoption.

Scaramucci also emphasized the importance of the upcoming Bitcoin halving event. This event, which halves miners’ revenues, is fast approaching and is expected to take place around April 22. The halving is expected to significantly increase Bitcoin’s scarcity, adding to its optimistic price forecast.

Bitcoin vs Gold

Scaramucci also highlighted the cryptocurrency’s potential to serve as a hedge against inflation. He speculates on the possibility that Bitcoin’s market cap could grow to half that of gold. If this growth actually occurs, it would represent an increase of approximately 500%. This would result in a price increase to more than $420,000 per Bitcoin.

Deutsche Bank customers divided over BTC

A recent Deutsche Bank survey reveals interesting expectations of US customers regarding Bitcoin. Despite Bitcoin’s strong price performance and increasing recognition as a major asset class, 30% of respondents expect the price to fall below $20,000 by the end of 2024. In contrast, only 10% believe Bitcoin will cross the $75,000 mark within this year.

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