Anthony Scaramucci, founder of asset management firm SkyBridge Capital, said in an interview aired Sunday that he has been buying Bitcoin (CRYPTO: BTC) at compressed prices and explained the rationale behind the move.
The $1 Million BTC Target
Appearing on The Wolf Of All Streets Podcast with Scott Melker, Scaramucci stated that Skybridge Capital has set a $1 million price target for Bitcoin by 2032, factoring in the 2028 halving event and the 4-year cycle.
“So if you get the opportunity to buy it here, then buy it,” Scaramucci added.
Scaramucci’s Advice For Traders
He argued that if one wants to play the long game, they cannot be “overly bearish” when the Crypto Fear & Greed Index shows a reading of 5, i.e., Extreme Fear.
“So, you can’t be in the markets like me for 38 years and see a greed fear index, which is 0 to 100, at 5, and be overly bearish,” he said.
“I can tell you that’s when you’re making your money,” the veteran financier said. “Could it trade lower? Sure. Anything can happen. It’s Bitcoin, but we’re getting close to the bottom.”
Scaramucci maintains that Bitcoin’s 4-year cycle remains very much intact, with the current pullback driven by long-term holders, those who’ve held BTC for 15 years or so, finally cashing out after it hit the $100,000 milestone.
Scaramucci Admitted Getting It Wrong Last Year
Scaramucci stayed bullish on Bitcoin for most of last year, maintaining his $150,000 year-end price target right up until September.
He later conceded in a Benzinga interview that he got it wrong, overlooking the “massive” sell-off by Bitcoin whales.
The former White House Communications Director revealed previously that 70% of his wealth is tied up in the leading cryptocurrency.
Price Action: At the time of writing, BTC was exchanging hands at $68,670.69, down 0.62% in the last 24 hours, according to data from Benzinga Pro.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo Courtesy: Al Teich On Shutterstock
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