Anthony Scaramucci, the mastermind behind hedge fund SkyBridge, continues to champion Bitcoin's potential for explosive growth. In a recent interview with CNBC, he reiterated his unwavering bullish stance, declaring that the leading cryptocurrency has yet to reach its full potential.

Scaramucci confidently predicts that Bitcoin will conquer the $170,000 mark by the conclusion of its current cycle. He attributes this anticipated surge to a confluence of factors, with the burgeoning adoption of Bitcoin and the arrival of spot Bitcoin exchange-traded funds (ETFs) playing pivotal roles in the digital currency's triumphant comeback this year. The hedge fund manager expressed astonishment at the staggering $10 billion influx witnessed within the ETFs during the first quarter of 2024 alone.

"It's simply astounding," Scaramucci remarked, drawing a comparison. "The Gold ETF, GLD, took a whole year to accumulate the same $10 billion milestone. Bitcoin, on the other hand, achieved it in a mere 25% of that timeframe."

Furthermore, Scaramucci emphasizes the impending Bitcoin halving event, scheduled for around April 20th, as another catalyst for growth. This technical phenomenon within the Bitcoin network effectively cuts the production rate of new Bitcoins in half. Scaramucci vehemently disagrees with the notion that the halving has already been factored into the current price, asserting that the market is still very much in the midst of price discovery. "In my estimation," he declared, "Bitcoin has a significant distance to travel upwards."

Scaramucci doesn't shy away from depicting Bitcoin as a technological marvel, highlighting that roughly 6% of the global population has embraced this revolutionary digital asset.

It's worth noting that Scaramucci isn't a stranger to bold predictions when it comes to Bitcoin. Earlier this year, during a riveting interview at the Reuters Global Markets Forum held in the idyllic Swiss resort town of Davos, he made a similar audacious forecast. He posited that if Bitcoin could maintain its price point of around $45,000 at the time of the halving, it could experience a phenomenal surge to a staggering $170,000 by the latter half of 2025.

Bitcoin Halving 2024: A Catalyst for Change?

The halving event, an intrinsic facet of the Bitcoin network, is meticulously designed to diminish the rate at which new Bitcoins enter circulation. Back in January, Scaramucci expressed his belief that the price of Bitcoin could potentially quadruple within the 18 months following the halving, regardless of its price point in April.

Scheduled to transpire in April 2024, the Bitcoin halving will see the reward for mining new blocks cut in half, effectively reducing miner earnings for verifying transactions by 50%. This reduction, occurring every 210,000 blocks or roughly every four years, will continue until all 21 million Bitcoins have been mined. The halving event carries significant weight for traders, as it drastically reduces the supply of new Bitcoins, potentially driving prices upwards if demand remains stable. The upcoming halving at block 740,000 will witness a decrease in the reward from 6.25 to 3.125 Bitcoins.