Anthony Scaramucci, the founder of SkyBridge Capital, believes that Bitcoin (BTC) will experience a staggering surge of over 200% within the next year. In a recent interview on CNBC Squawk Box, Scaramucci, a seasoned hedge fund veteran, explained that the increasing adoption of Bitcoin will drive its value higher and reduce price volatility.

Scaramucci takes a long-term perspective on Bitcoin’s price movements, comparing its current stage to the early days of the internet. He states that Bitcoin is currently at the 1999 stage of the adoption curve, similar to Web 1.0, and emphasizes that the cryptocurrency will not function as an inflation hedge or a store of value until it reaches over a billion users. Consequently, Bitcoin will remain volatile and be seen as a risk-on or risk-off trade until it reaches this level of adoption.

Scaramucci predicts that Bitcoin could reach as high as $200,000 within a year, marking a 219% increase from its current value. However, he cautions that unforeseen calamitous events could lead to declines of up to 15% in Bitcoin’s price. Factors such as wars or terrorist incidents could negatively impact the cryptocurrency. Nonetheless, Scaramucci believes that the demand from exchange-traded funds (ETFs) and the entry of wirehouses and the 401k market into the space will create a strong demand for Bitcoin.

Currently, Bitcoin is trading at $62,594, showing a 1.5% increase in the last 24 hours.

It is important to note that the opinions expressed by Scaramucci are not investment advice. Investors should conduct their own research and exercise caution when dealing with high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Transactions and trades are done at the individual’s own risk, and any losses incurred are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it an investment advisor.