Explosive Returns Parabolic $200 Billion Crypto Price Prediction Triggers Massive Earthquake Bitcoin and Ethereum

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BitcoinBTC, Ethereum and the broader crypto market rally have stalled after surging in 2023, halted in part by a leak that exposed a secret Democratic plan for a US crypto crackdown.

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The price of bitcoin and, to a lesser extent, the price of ethereum have been driven by a narrative that bitcoin is an emerging hedge against inflation, although billionaire hedge fund manager Paul Tudor Jones has issued this week a stark warning against inflation.

Today, managing director of hedge fund SkyBridge Capital, Anthony Scaramucci, who rose to prominence as US President Donald Trump’s short-lived communications director, released a bullish crypto price prediction shortly. after another major bitcoin investor predicted a “rush”.

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MORE FROM FORBESLeak Reveals Secret Democratic Plan For Game-Changing US Crypto Crackdown That Could Hit Bitcoin And Ethereum PriceBy Billy Bamb Throughout The Month, But Some Bullish Investors Released “Explosive” Crypto Price Predictions That Could driving up the price of bitcoin and ethereum.NurPhoto via Getty Images

“We think bitcoin is intrinsically worth around $40,000,” Scaramucci told Bloomberg this week, implying a 50% increase in bitcoin’s current price of around $26,000 per bitcoin and could add some $200 billion. dollars to bitcoin’s $500 billion market capitalization.

Bitcoin mining activity and wallet growth has been singled out by Scaramucci as potentially contributing to “explosive returns” for bitcoin’s price if global wallet adoption rises from its current level of 4% to 8%, predicting that the crypto market is currently “where the internet was in 1998” and calling on “people to be patient”.

Last month, Forbes revealed that the Himalayan kingdom of Bhutan had been operating a bitcoin mining operation for years even as the US Biden administration prepared a crackdown on bitcoin mining.

“Global markets are seeing signs of increased purchases of crypto assets, especially in regions hit by steep currency depreciation like Turkey, Pakistan, and Argentina,” crypto market analyst Noelle Acheson wrote. in an e-mail note.

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MORE FROM FORBESThe ‘Game May Be Over’ – Legendary Billionaire Investor Issues Stark Fed Warning Amid Wild Price Swings in Bitcoin, Ethereum and CryptoBy Billy Bambrough remains well below bitcoin’s peak and of ethereum price reached end of 2021. Forbes Digital Assets

Scaramucci, who predicted earlier this year that 2023 would be bitcoin’s “recovery year,” attributed the current bitcoin malaise to the implosion of Sam Bankman-Fried’s leading bitcoin, ethereum and crypto exchange FTX. late last year, which sparked a flood of regulatory warnings and caused one top billionaire investor to declare “crypto dead in America.”

“It was almost like John Meriwether and Bernie Madoff had a baby, it was Sam Bankman-Fried,” Scaramucci said. “You’ve got everything in this story. You’ve got fraud, you’ve got over-leverage, you’ve got over-confidence. And that’s caused a really big depression in the markets. And the market is probably overshot on the downside.”

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I am a journalist with significant experience covering technology, finance, economics and business worldwide. As founding editor of Verdict.co.uk, I reported on how technology is changing business, political trends and the latest cultures and lifestyles. I have covered the rise of bitcoin and cryptocurrency since 2012 and traced its emergence as a niche technology in the greatest threat to the established financial system the world has ever seen and new technology the more important since the Internet itself. I’ve worked and written for CityAM, the Financial Times, and the New Statesman, among others. Follow me on Twitter @billybambrough or email me at billyATbillybambrough.com. Disclosure: I occasionally hold a small amount of bitcoin and other cryptocurrencies.

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