Bitcoin ETF

While Bitcoin has been on a downward trend in recent days, with traders profiting from the fact that it reached a high of about $49,000 last week after the SEC approved Bitcoin exchange-traded funds (ETFs), there are those who feel this trend will not continue.

is really a temporary halt, and we ought to anticipate much more significant gains on Bitcoin in the medium term.

This is especially true in the case of Anthony Scaramucci, who is a hedge fund manager at SkyBridge. Scaramucci made this prediction on Monday during an interview at the Reuters Global Markets Forum in Davos.

He stated that the price of bitcoin could reach $170,000 in 2025, as a result of the demand for the recently launched exchange-traded funds (ETFs) and the halving that is scheduled to take place in April.

The price of bitcoin would reach $170,000 by the middle to late 2025, according to Scaramucci, if it remains at its current level of $45,000 at the time of the halving.

Please keep in mind that the halving of the reward for each block mined is a technical event that takes place on the Bitcoin network approximately once every four years. This event reduces the rate of increase in the quantity of new Bitcoins by half the reward that is granted for each block mined.

At the same time, Scaramucci stated, "Whatever the price is on halving day in April, multiply it by four, and it will reach that price within the next 18 months."

Concerning the correction that Bitcoin saw from its highs of the previous week, Scaramucci ascribed the decline to the movement of investors away from the Grayscale Bitcoin Trust and towards the new funds.

He also stated that it is possible that it would take another eight to ten trading days before the impact of exchange-traded funds (ETFs) on the price of cryptocurrency is seen.