© Reuters. FILE PHOTO: Representation of the Bitcoin cryptocurrency is seen in this illustration taken January 11, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
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By Divya Chowdhury and Lisa Pauline Mattackal
DAVOS, Switzerland (Reuters) – The stock price could surpass $170,000 next year, driven by demand for newly listed exchange-traded funds and the April halving event, said Anthony Scaramucci of the fund. SkyBridge coverage, in an interview Monday.
“If bitcoin is at $45,000 at the halving, where it is roughly now, it will be $170,000 in mid-to-late 2025,” the SkyBridge founder and managing partner said at the Reuters Global Markets Forum on the station. Swiss ski resort in Davos.
The halving is a technical event that reduces the speed at which new bitcoins are put into circulation.
“Wherever the price is on halving day in April, multiply it by four and you'll hit that price in the next 18 months,” Scaramucci said ahead of the World Economic Forum's annual meeting.
The price of Bitcoin jumped above $49,000 last week when bitcoin spot ETFs received approval to trade on US exchanges, but has since fallen back to around $42,000.
Scaramucci attributed this decline to investors leaving Grayscale Bitcoin Trust and joining the new funds, adding that it will likely take another eight to 10 business days to see the impact of the newly listed funds on prices.
The landmark US regulatory approval for spot bitcoin ETFs came after years of campaigning and applications from numerous companies, including SkyBridge, whose application was rejected in 2022.
Skybridge also plans to launch a new fund combining investments in crypto tokens and venture capital focused on digital assets, Scaramucci said, adding that it also expects strong performance in structured credit.
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