Skybridge targeting $35,000 BTC price

Investment firm remaining bullish ahead of Bitcoin halving and recent crypto resurgence.

Global investment firm SkyBridge Capital is predicting Bitcoin (BTC) will reach $35,000 by the end of 2023 with the crypto flagship climbing 26% this year so far.

Founder and former White House communication director Anthony Scaramucci has admitted this view is “overly bullish” but has said the recent crypto rally could further gain momentum with the upcoming BTC ‘halving’.

Scaramucci told the Reuters Global Markets Forum: “If Bitcoin could trade back to $35,000, SkyBridge is going to have an amazing year.”

SkyBridge also plans to invest in the structured credit market to drive 2023 returns after its losses in 2022, with the firm managing $2.2bn, including $800m in digital asset-related investments as of last September

Scaramucci added: “Structured credit, mortgage-backed securities, credit card debt, auto loans – that's an attractive space again.”

He later called 2023 a “recovery year” for BTC and predicted that it could be on the rise again, stating: “You are taking on risk but you’re also believing in [Bitcoin] adoption.

“So, if we get the adoption right, and I believe we will, this could easily be a fifty to one hundred-thousand-dollar asset over the next two to three years.”

Despite BTC being down 50% over the last year, Scaramucci continues to show faith in the sector, investing his own money into the former FTX US president Brett Harrison’s new start up.

“Brett I am proud to be an investor in your new company. Go forward. Don't look back. Wishing you the best”, he tweeted in a reply to a thread where Harrison talked about his experience at the failed crypto exchange.

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Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.

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