Posted 3 months ago | by @devadmin
Skybridge Capital COO Brett Messing has stated in an interview with Decrypt that growing institutional investment into Bitcoin could drive Bitcoin’s price to half a million dollars per coin.
“Bitcoin is either a super niche asset that trades between $500 and $50,000, or it’s worth well over $500,000,” Messing told Decrypt, adding, “It’s hard for me to see how $150,000 makes sense for it.”
Messing told Decrypt that he is so confident in Bitcoin’s future that he believes it will reach highs of $100,000 by the end of the year. “I will be surprised if we don’t get above $100,000 in the next 15, 16 months,” he added.
SkyBridge Capital, Anthony Scaramucci’s firm has recently launched a Bitcoin-focused fund worth $300 Million after a surge of interest in cryptocurrencies in 2020. As 2021 goes on this year will be known as the year that institutional investors drive the Bitcoin price to new highs.
It’s finally happening, but remember Bitcoin is a market cycle and while euphoria will last a while, it won’t last forever. Bitboy Crypto and Ben Armstrong, predict that the end of the cycle will be some time in September 2021. However, we could be wrong and this cycle could defy every last cycle as institutional money is now flowing into the markets and Bitcoin is growing up becoming a much larger market.
However, a price of half a million dollars per BTC depends on whether institutional investors keep buying Bitcoin, Messing told Decrypt.
“It’s just hard for me to see how you can justify Bitcoin being worth $150,000 because it doesn’t get there without institutions, so they stop buying? Morgan Stanley is going to buy for their clients but Goldman Sachs isn’t? It doesn’t seem possible to me,” he said.
Scaramucci previously told Michael Saylor in an interview with Michael Saylor at a recent SkyBridge’s conference SALT, influenced his decision to start a Bitcoin fund and purchase $25 million worth of the digital currency.
Although there are some stipulated conditions if you purchase into the fund such as preventing investors from flipping shares in the Bitcoin Fund, by implementing at least a three-week-long holding period, he said. “This is an asset that could go up 2/3x from here,” Scaramucci stated, adding “he doesn’t want investors to miss out.”
“Until frankly there’s an ETF or a customer account somewhere where people can hold Bitcoin, this will be a way to democratize Bitcoin,” he said.
However, unlike crypto, the fund will only be open to accredited investors, which the SEC defines as someone with an annual income of $200,000 or an institution with $5 million in assets. SkyBridge, originally founded in 2005 manages $9.3 billion in assets.
Bitcoin is currently trading at [FIAT: $32,763.41] UP +2.2% in the last 24 hours according to Coingecko at the time of this report.