says<\/a> that based on historical precedent, the crypto king could go up by around 300% after its halving event, which is slated for April and will see miners\u2019 rewards cut in half.<\/p>\n\u201cIf you look at the last 14 years, you usually get a quadruple after a halving. And so Bitcoin right now is trading $57,000. <\/i><\/p>\n
I\u2019m not sure where it will be on or about April 20th when the halving actually takes place, but let\u2019s say it\u2019s at $50,000. That would imply over 18 months from the halving a $200,000 Bitcoin price.\u201d<\/i><\/p>\n
Bitcoin is trading for $61,304 at time of writing, a 8.4% gain during the last 24 hours and a gain of over 40% since early February.<\/p>\n
On the reason behind Bitcoin\u2019s ongoing price appreciation, Scaramucci says,<\/p>\n
\u201cSo price is going up primarily because there\u2019s not a lot of supply out there and yet you\u2019re seeing these [spot] Bitcoin exchange-traded funds (ETFs) coming into the marketplace with 12 to 14 times what\u2019s available in terms of what the network is producing every single day. <\/i><\/p>\n
And so that\u2019s why you\u2019re seeing this price squeeze and of course you do have people that don\u2019t believe in Bitcoin that are short Bitcoin and so they\u2019re getting wrecked right now. And I think that\u2019s the combination of why you\u2019re seeing such great price appreciation.\u201d<\/i><\/p>\n