On Tuesday, the price of Bitcoin reached $43,400, representing an overall monthly growth of 2%.
According to SkyBridge Capital founder Anthony Scaramucci, the cryptocurrency has the potential to reach $170,000 after the 2024 halving event.
Scaramucci drew parallels between Bitcoin and the rapid growth of Amazon shares in the early 2000s.
He believes that BTC’s market supply, which will be reduced by half after halving, will lead to a new peak in its value.
Additionally, Scaramucci points out that the demand for Bitcoin will likely increase as more and more investors see it as a digital form of gold.
The founder of SkyBridge Capital referenced the previous halving event in 2020, which resulted in Bitcoin reaching a record high of $69,000 after 18 months. He predicts a similar scenario after the 2024 halving event.