![Why Scaramucci is predicting Bitcoin [BTC] to hit $400K in 2025](https://www.breakingaltcoinnews.com/wp-content/uploads/2024/02/bitcoin-and-gold-1000x600.png)
- Bitcoin’s ascent might challenge gold’s reign
- King coin’s rise reveals a sharp divide between its advocates’ optimism and critics’ skepticism
In the ever-changing world of finance, a new debate is capturing the attention of investors and analysts alike – Could Bitcoin (BTC) one day overtake gold as the ultimate safe haven asset? This question has spurred a flurry of discussions, with perspectives varying widely across the financial spectrum.
Navigating the path to rival gold
During a recent Maro Monday livestream on The Wolf of All Streets podcast, Dave Weisberger, co-CEO of CoinRoutes, highlighted that Bitcoin’s rise is inevitable. The exec views it as a speculative hedge against government deficits and a lack of confidence in traditional economic structures.
Weisberger predicted,
“Bitcoin will ascend to rival gold at some point in the next two cycles.”
Adding to the conversation, Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, pointed out that Bitcoin needs to prove its ability to outperform traditional investments on a risk-adjusted basis. This, before it can be considered a viable alternative to gold.
Similarly, in a Fox Business interview, Larry Fink, CEO of BlackRock, also drew parallels between Bitcoin and gold. He noted the cryptocurrency’s role as a digitalised gold, one that offers an international hedge against fiscal and monetary instability.
Marion Laboure, a senior economist at Deutsche Bank, also acknowledged in an interview,
“I could potentially see Bitcoin to become the 21st-century digital gold. Let’s not forget that gold was also volatile historically.”
However, she also emphasized that Bitcoin’s current volatility undermines its reliability as a store of value. In fact, Laboure anticipates this ultra-volatility to persist.
Finally, Skybridge Capital’s founder Anthony Scaramucci thinks BTC could reach $170,000 post-April. In a different episode of The Wolf of All Streets podcast, he drew attention to a pattern where Bitcoin’s price quadruples 18 months post-halving. He also forecasted that Bitcoin could attain a market cap that is half of gold’s in the long term. This would mean a price of about $400,000.
Critics against crypto
Meanwhile, critics present a different picture. Jamie Dimon, CEO of JPMorgan Chase, in a conversation with Fox Business, reiterated his long-standing skepticism towards Bitcoin, asserting that it doesn’t have value.
“There’s no value if you’re buying and selling Bitcoin.”
Moreover, in a recent address to Congress, U.S. Treasury Secretary Janet Yellen highlighted the potential risks that crypto poses to the financial system. Among the concerns raised were price fluctuations, the potential for runs on crypto-platforms, and the dangers presented by stablecoins.
Echoing Yellen’s concerns, Senator Elizabeth Warren has also emphasized the critical need to extend anti-money laundering (AML) regulations to the operations of cryptocurrencies. Taking to X (formerly Twitter), she pointed to crypto’s criminal associations.
A new @USGAO report confirms that rogue nations are using crypto to dodge sanctions and undermine our national security.
It’s time for crypto to follow the same anti-money laundering rules as everyone else. I’ve got a bill to make it happen. https://t.co/TUX2sJ8HR0
— Elizabeth Warren (@SenWarren) January 21, 2024
