Bitcoin was finally able to hit $50k, and at the moment of writing this article, BTC is priced at $50,965.81, and the king coin is still trading in the green.
It’s been revealed that hedge funder Anthony Scaramucci said that Bitcoin could surge much higher in the current cycle.
During a new interview with Yahoo Finance, he said that BTC could easily break $100k.
According to the notes coming from the online publication the Daily Hodl, it’s been reported that he said that the ongoing monetary debasement, which is likely to increase the dollar supply by 40% in the coming 12 months, has made Bitcoin an attractive store of value.
Bitcoin could hit $100k by 2022
Given the macroeconomic backdrop, he said that BTC could hit $100,000 by February 2022.
“We have 23.6% more dollars in production and in our money supply than we did six months ago. And if you really analyze the $1.9 trillion stimulus, it’s very likely that we’ll get another 17% more dollar production,” he said.
He explained that “So you’ll be sitting here in a 12-month period of time you’ll have 40% more dollars or 40% more fiat currency. And so if you’re looking at dollars in your bank account, you’re like, okay, wait a minute, this may not be the store of value that I need from a corporate standing. And Bitcoin, which is an expanding monetary network, now fully robustly scaling pursuant to Metcalfe’s Law, you could be saying to yourself, okay, I’m losing value in dollars, but I’m not necessarily losing value in Bitcoin.”
Another important thing worth mentioning is the fact that he also said that Bitcoin’s digital nature and user growth is making it more attractive to corporations.
“I think that’s the dilemma for CFOs right now is they’re watching this dollar production, this proliferation of dollars. They’re saying to themselves, ‘Okay maybe I need to have some of this.’ It’s very fungible, it trades in a liquid manner, it trades at a millisecond, and it is scaling. Over 100 million people are using bitcoin today. Very likely that a billion people will be using it in five years.”