- Bitcoin’s 2024 halving is fueling divided sentiment right now
- Anthony Scaramucci believes in BTC’s adoption curve and potential as a mainstream asset
The D-day is finally here – Bitcoin’s [BTC] 2024 halving. Despite the excitement, however, the eagerly anticipated event has left its audience divided into two camps – Those who expect major corrections and those who expect BTC to hike by +10x.
Sentiment around Bitcoin has been especially divided over the past week or two on the back of the crypto’s topsy-turvy movement on the charts. At the time of writing, for instance, it was valued at just over $62,000. This, within 6 hours of Bitcoin falling below $60,000 on the back of geopolitical tensions between Israel and Iran.
Outside of its price movement though, the question remains – Is Bitcoin a safe haven?
Anthony Scaramucci’s bullish viewpoint
Shedding light on BTC’s atypical price movements, Anthony Scaramucci, Founder of SkyBridge Capital, in a recent interview with CNBC said,
“Bitcoin is on an adoption curve.”
He added,
“You won’t see this inflation hedge, or a store of value as other pundits are saying until you get over a billion users. So, right now it’s gonna be way more volatile than the people like.”
With this perspective, Scaramucci then tried to suggest that people will perceive Bitcoin as a risk-on or a risk-off asset until it reaches a certain level of adoption.
Bitcoin’s supply and demand expectations
As expected, Bitcoin’s halving has sparked contrasting expectations of a supply-demand shift, which clashes with recent trends. Rather than a surge in selling pressure, miners are reportedly easing outflows. This unexpected development suggests a potential short-term market boost, challenging conventional predictions and introducing a unique angle to the halving narrative.
Historical data, as highlighted by @ChartBTC, can be used to demonstrate Bitcoin’s price surges following past halving events.
Source: Twitter/ChartsBTC
Remarking on the same, Anthony Pompliano, Pomp Investments founder and partner, in a recent conversation with CNBC, claimed,
“Ignore the noise of short-term price movements.”
That being said, Bitcoin can never go too far away with positive sentiments, with critics like Peter Schiff believing,
“All week Bitcoin pumpers made excuses for Bitcoin’s selloff on Sat. They claimed that since all other markets were closed, Bitcoin was the only asset anyone could sell. Well, all the markets are trading now and Bitcoin is getting killed again. Bitcoin pumpers are out of excuses.”
Bitcoin’s future outlook
In conclusion, despite concerns about Bitcoin, Scaramucci foresees BTC becoming a mainstream portfolio asset, possibly rivalling gold’s market capitalization.
Ergo, while acknowledging short-term price fluctuations due to external factors like wars, he maintained a long-term bullish perspective on BTC.
“Bitcoin price could hit around $200k.”