SkyBridge Capital CEO Anthony Scaramucci has predicted a significant surge in the value of $Bitcoin (BTC.CC)$. He anticipates Bitcoin to skyrocket nearly 300% and $Ethereum (ETH.CC)$ to surge about 240% from their current values.

What Happened: During an interview with Unchained last week, Scaramucci projected that Bitcoin could reach a value between $170,000 to $250,000 and that Ethereum could hit $10,000 to $12,000.

"I can only give you my guess and so I think we get to $10,000 to $12,000 on Ethereum. And I do think we get to somewhere [between] $170,000 to $250,000 on Bitcoin," he said.

"The number one thing for me is somebody is going to declare Bitcoin an asset class. It'll be a consultant. These large pension funds, in order to preserve their jobs, go to outside consultants and ask them for advice on asset allocation, who to put the money with, where to put the money, private equity, hedge funds, etc., stocks and bonds," Scaramucci added.

He also speculated a win for President Joe Biden in the upcoming election, which he believes will trigger new all-time highs for crypto assets.

"I think we'll see all-time highs for Bitcoin and other assets in this category during a second Biden administration," Scaramucci said.

Scaramucci also pointed out the potential for increased adoption of Bitcoin by institutional investors as a significant bullish catalyst for this cycle.

He envisions a scenario where Bitcoin is declared an asset class, leading to its inclusion in institutional tactical asset allocated portfolios.

"And somebody is going to declare Bitcoin an asset class, and then offer a suggestion that Bitcoin should be 1%, 2%, 3% of an institutional tactical asset allocated portfolio. And when that happens, it's going to open up a huge vein of demand for Bitcoin," he said.

He cited Wisconsin's recent announcement of holding about $160 million worth of Bitcoin as an example of this trend.

"I think that's happening, and that will create an acceleration of adoption and an acceleration upward in price," he added.

Why It Matters: Scaramucci's bullish predictions for Bitcoin and Ethereum are not new. Earlier in April, he had already predicted a promising trajectory for Bitcoin, attributing its potential growth to increasing demand and a decreasing supply.

He emphasized the significant role of Bitcoin spot market exchange-traded funds (ETFs) in overcoming regulatory barriers and ushering new capital investments into cryptocurrency.

According to Scaramucci, Wall Street's involvement has turned Bitcoin into a high-demand asset, especially with the upcoming halving event, which will reduce the daily issuance of new coins.