Bitcoin has been at the heart of all financial debates in recent weeks now that Bitcoin has soared passed the $60,000 level.

But Anthony Scaramucci – founder of SkyBridge Capital is convinced the recent rally may just be a drop in the bucket compared to where the world’s largest cryptocurrency is headed in the long term.

Scaramucci sees several tailwinds that, in the coming months, could benefit BTC further – and by extension perhaps be a benefit for the likes of Bitcoin Dogs as well considering it’s the world’s first ever ICO (initial coin offering) on the Bitcoin blockchain.

Among the catalysts that Scaramucci talked about on CNBC’s “Squawk Box” this week is, first of all, the halving event scheduled for April or May of 2024.

If you look at last 14 years, you get a quadruple after a halving. That would imply over 18 months from halving a $200,000 Bitcoin price.

And if Bitcoin does indeed rally that sharply, it would perhaps (like always) drive the rest of the market including Bitcoin Dogs in the same direction.

Scaramucci agreed that the recent rally in Bitcoin is primarily related to the Spot Bitcoin ETFs that the U.S. Securities and Exchange Commission of the United States approved in January.

These exchange-traded funds have opened gates for institutional money to participate in the crypto market – and that’s a benefit which will remain a tailwind for Bitcoin moving forward, as per the SkyBridge expert.

Price is going up because there’s not a lot of supply. Yet, you’re seeing bitcoin ETFs coming into the marketplace with 12 to 14 times what’s available – what the network is producing every day.

And that’s the second major catalyst which could also help the world’s first BRC-20 token – $0DOG of Bitcoin Dogs that’s currently in pre-sale.

Lastly, Anthony Scaramucci is convinced that the U.S. Federal Reserve will have to start cutting rates in the coming months.

That would make risk-on assets like cryptocurrencies including Bitcoin Dogs ($0DOG) more attractive. According to the SkyBridge Capital founder:

Economy does feel very strong. I don’t see how Fed though doesn’t cut rates because of the deficit spending problem the U.S. is facing. Those rate cuts will save economy from going into recession.

And there’s the third catalyst that will likely help Bitcoin Dogs do well moving forward.

All in all, the founder of SkyBridge Capital is confident that Bitcoin can actually “replace or be alongside of gold as a store of value” as it has a bunch of properties that are pretty much identical to gold.

Scaramucci, therefore, finds it conceivable for Bitcoin to trade at “at least half of it” which suggests an “8X between now and 2030”.

Note that the aforementioned tailwinds are somewhat already reflected in Bitcoin Dogs considering the ongoing presale of its $0DOG coin has raised well over $5.5 million in a matter of days.

Its price is slated to bump in about 72 hours from now. $0DOG is currently going for $0.0281 – so you can gain a sizable exposure to it with a small enough capital as well. That would enable you to benefit once it exits the presale and list on a crypto exchange that typically delivers a significant price boost.

Holding Bitcoin Dogs do also win you access to exclusive features like social contests, staking pool, and an NFT collection. You can find out more about Bitcoin Dogs and the $0DOG coin on this link.  

The post Bitcoin Dogs in focus as Pro says BTC could 'replace gold' appeared first on Invezz

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