FX.co ★ Anthony Scaramucci expects Bitcoin to be worth half a million dollars

Bitcoin has fallen by more than 50% from the high reached in November 2021, but long-term investors should not be worried about the ability of the cryptocurrency to reach its maximum potential.

According to SkyBridge Capital founder and former White House communications director Anthony Scaramucci, the price of Bitcoin will eventually rise to a level where its market value will exceed gold's market value.

A little earlier, Scaramucci was a critic of cryptocurrencies but has since changed his mind about digital assets. SkyBridge Capital now manages funds that directly invest in Bitcoin and cryptocurrency companies.

As of June 2021, the First Trust SkyBridge Crypto Industry and Digital Economy ETF manage $6.4 billion in assets.

Scaramucci said that the true value of Bitcoin lies in its growing network.

Anthony plans to summarize Bitcoin's statistical indicators in 10 years that Bitcoin has a larger market capitalization than gold. It took gold 5,000 years to reach its current market capitalization, while Bitcoin is able to surpass this less than 25 years after its creation.

Based on most estimates, the total market value of gold in circulation is between $11 trillion and $13 trillion.

Moreover, Anthony Scaramucci believes that Bitcoin can be worth half a million dollars in the long run, but this will take four to five years.

Accordingly, it is worth noting that the global Bitcoin user base will grow to over a billion people eventually.

However, Bitcoin is not yet a hedge against inflation.