Bitcoin’s Value Will Double In 2023

According to SkyBridge’s founder and CEO, who spoke at the Reuters Global Markets Forum in Davos, Switzerland, bitcoin’s value will double in 2023 and return to $35,000.

Bitcoin recovery

Scaramucci anticipates a strong recovery in cryptocurrency markets in 2023.

“If bitcoin can return to $35,000, SkyBridge will have an incredible year,” Scaramucci predicted from Davos.

The crypto rally that began in January could be extended because halving the number of new bitcoins released will limit supply and drive up prices.

Bitcoin is currently selling around $20,800, up 26% this year after plunging more than 64% in 2022.

SkyBridge has made investments in bitcoin, ethereum, solana, and altcoin algorand, as well as the structured credit market, in order to enhance 2023 profits following the company’s losses in 2022.

“Structured credit, mortgage-backed securities, credit card debt, auto loans – this is an appealing market once again,” Scaramucci remarked. His firm managed $2.2 billion as of last September, including $800 million in digital asset assets.

Scaramucci stated that SkyBridge expects to repurchase a 30% share in FTX by the middle of the year, although the timeframe is unknown as the bankruptcy process plays out.

The January rally

The previous week was exceptionally fruitful for the market as a whole, with the majority of cryptocurrencies seeing gains, some of which were substantial.

Solana is the currency that has amazed with its success, as its price has risen by about 37% to $22,480, with increases of high to 40% reported in recent days.

In 2022, the cryptocurrency industry had a very rough year, as broad market concern made investors hesitant to invest in assets such as digital coins.

For more articles visit: Cryptotechnews24

source