Bitcoin (BTC) is expected to experience a staggering surge of over 200% within the next 12 months, according to Anthony Scaramucci, the founder of SkyBridge Capital. In an interview on CNBC Squawk Box, the hedge fund veteran emphasized that the continuous adoption of Bitcoin will be a driving force behind its increasing value and the reduction of price volatility.

Scaramucci takes a long-term perspective on Bitcoin’s price movements, comparing its current state to the early days of the internet. He believes that Bitcoin is currently at the equivalent stage of the internet in 1999, known as Web 1.0, and that its true potential will only be realized when it reaches over a billion users. Until then, he expects the cryptocurrency to remain highly volatile and to be viewed as a risky investment.

Despite the inherent volatility, Scaramucci predicts that Bitcoin could reach a staggering $200,000 within a year, representing a 219% increase from its current value. However, he cautions that unforeseen catastrophic events such as wars or terrorist attacks could cause temporary downturns of up to 15% in Bitcoin’s price.

Scaramucci attributes the strong demand for Bitcoin to factors such as the growing interest from exchange-traded funds (ETFs) and the entrance of wirehouses and the 401k market into the cryptocurrency space. While he believes that Bitcoin may experience short-term downside risks, he remains optimistic about its long-term prospects, especially with the upcoming halving event.

As of now, Bitcoin is trading at $62,594, reflecting a 1.5% increase in the past 24 hours.

Disclaimer: The opinions expressed in this article do not constitute investment advice. Investors are advised to conduct their own research and exercise caution when investing in high-risk assets such as Bitcoin and other cryptocurrencies. All financial transactions and trades are done at the individual’s own risk, and any losses incurred are the individual’s responsibility. The Daily Hodl does not endorse or recommend the buying or selling of cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl may engage in affiliate marketing activities.