Bitcoin News Today: Bitcoin’s Big Turnaround: How a Skeptic Became a Believer

Anthony Scaramucci, founder of SkyBridge Capital, has undergone a significant shift in his stance on Bitcoin, transitioning from skepticism to advocacy over the past eight years. Initially introduced to Bitcoin in 2012, Scaramucci admitted to a lack of understanding and initial cynicism, attributing this to his traditional finance background. However, after conducting extensive research and recognizing the technological breakthrough of blockchain and digital property, Scaramucci now holds a strong conviction in the cryptocurrency. He even authored a book titled "The Little Book of Bitcoin" to educate others about the financial significance of digital assets [2]. Currently, 70% of his wealth is invested in Bitcoin, underscoring his belief in its long-term potential [2].

Scaramucci’s optimism about Bitcoin’s future includes a long-term forecast of the cryptocurrency reaching $500,000 within five to six years. However, he has also warned that a 40% correction could occur before this milestone is achieved. Scaramucci emphasized the importance of long-term investment, drawing parallels to his own past experiences where premature selling of shares in companies like Apple and Microsoft led to missed opportunities. He cautions investors to remain prepared for market volatility, which he considers an inherent part of the crypto market [1]. This perspective aligns with the broader sentiment that Bitcoin’s adoption is still in its early stages, and thus, its trajectory remains subject to considerable fluctuations [1].

The volatility of Bitcoin is also a concern for other analysts. One report highlights a potential rally toward $150,000 before the end of 2025, but warns that this could be preceded by a significant dip. Analysts have identified key support levels at $100,000, $90,000, and $80,000, with a breakdown below $100,000 potentially leading to deeper corrections [3]. The bullish technical setup, including a rising 200-day moving average since January 2025, suggests that if Bitcoin maintains support at these levels, a sharp rebound could follow [3]. The macroeconomic environment also appears favorable, with a slowing labor market and potential Federal Reserve rate cuts contributing to a favorable climate for risk assets like Bitcoin [3].

Institutional adoption is increasingly bolstering Bitcoin’s credibility as a store of value. Treasury B.V., a European Bitcoin firm, recently raised €126 million and added 1,000 BTC to its reserves. Additionally, major financial institutions such as U.S. Bancorp, Deutsche Bank, and BNY Mellon have reengaged with the crypto market, signaling a growing acceptance of Bitcoin as a legitimate asset class [3]. These developments reinforce the long-term bullish view held by many analysts and investors, despite short-term volatility. Scaramucci’s advice to do thorough research while maintaining a skeptical stance is echoed by other experts, who stress the importance of understanding the market before making investment decisions [2].

As the market navigates the volatile September seasonality, the coming weeks are expected to be pivotal in determining Bitcoin’s medium-term trajectory. While some analysts foresee a surge to $150,000, others caution that a quick reversal could lead to a crash before the next upleg. The resilience of Bitcoin above $100,000 in recent trading sessions and the influx of institutional capital suggest a strong fundamental base. However, investors are urged to remain cautious, hedge their risks, and wait for confirmation before making substantial positions. The broader market sentiment, combined with Scaramucci’s long-term advocacy and the growing institutional interest, indicates that Bitcoin remains a focal point in the evolving financial landscape [3].

Source:

[1] Anthony Scaramucci Admits He Failed To Understand ... (https://www.benzinga.com/crypto/cryptocurrency/25/09/47518844/anthony-scaramucci-admits-he-failed-to-understand-bitcoin-for-8-years-before-finally-becoming-a-believer-i-was-very-negative)

[2] Bitcoin Could Plunge 40% Before Hitting $500K, Warns ... (https://finance.yahoo.com/news/bitcoin-could-plunge-40-hitting-180101102.html)

[3] Bitcoin (BTC) Price Prediction: Analyst Warns of Volatility ... (https://bravenewcoin.com/insights/bitcoin-btc-price-prediction-analyst-warns-of-volatility-but-targets-150k-bitcoin-breakout)