Anthony Scaramucci, the founder and managing partner of Skybridge Capital, envisions a significant surge in Bitcoin’s value, predicting it could reach at least $170,000 following the upcoming halving in April. Speaking on the Scott Melker podcast, Scaramucci emphasized the historical pattern of Bitcoin’s price cycles in relation to halving events, suggesting a potential fourfold increase within 18 months post-halving.

Scaramucci provided a conservative estimate of $35,000 at the time of the halving, indicating that even if Bitcoin were at $50,000 in April, it could potentially reach a $200,000 valuation. In a more optimistic scenario where Bitcoin starts at $60,000, he speculates a staggering $240,000 value.

Looking further ahead, Scaramucci expressed a long-term price target where Bitcoin could achieve half of the market capitalization of gold, projecting a value of approximately $400,000 per coin.

Notably, Scaramucci, who previously disclosed being the first external investor in BlackRock’s spot bitcoin exchange-traded fund (ETF), highlighted his early involvement prior to its approval on January 11.

BlackRock’s interest in a bitcoin ETF marks a shift from its CEO Larry Fink’s initial skepticism about the asset. Fink has since become a vocal supporter, referring to himself as “a big believer” in Bitcoin in public interviews following the ETF filing last June.

“I’m going to give Larry a lot of credit, because Larry actually did the homework [on bitcoin],” Scaramucci said. “It takes a very smart leader to pridefully say that bitcoin sucks and then 24 months later say ‘you know what I got this wrong, BlackRock needs to be a part of this.’”