Anthony Scaramucci, CEO of SkyBridge Capital, remains highly bullish on Bitcoin, projecting a year-end target of $180,000 to $200,000 driven by increasing institutional adoption and limited supply.

Despite short-term volatility and recent market corrections, Scaramucci's confidence is rooted in strong on-chain accumulation, institutional interest, and a demand-supply imbalance supporting long-term growth.

He owns a significant portion of Bitcoin personally and through SkyBridge, with about 70% of his wealth reportedly in crypto, reflecting his conviction in the asset.

The evolution of the crypto market over the past three years shows a shift from retail to institutional ownership, exemplified by the success of products like BlackRock's Bitcoin Spot ETF.

While some large investors have reduced their positions, overall institutional demand continues to grow, driven by limited Bitcoin supply and increasing interest from firms exploring crypto strategies.

Bitcoin's recent correction from an all-time high above $124,000 is part of a healthy consolidation phase, influenced by profit-taking, liquidations, and Federal Reserve policy uncertainties.

The transfer of Bitcoin from whales to a broader investor base is ongoing, supported by limited daily issuance and rising demand, which bolsters long-term prospects.

Market activity is also influenced by anticipation around the Jackson Hole symposium, where Fed Chair Jerome Powell will discuss future interest rate policies.

Currently, Bitcoin is trading at around $113,846, down approximately 1.9% in the past 24 hours amid ongoing volatility.

On-chain data confirms continued accumulation by large holders, reinforcing Bitcoin's medium- and long-term recovery outlook.

Institutional interest remains strong, with significant activity around ETFs like BlackRock's and iShares Bitcoin Trust, which are expected to support Bitcoin's price.

Scaramucci believes Bitcoin could be recognized as a full asset class, similar to gold, once it reaches $500,000, citing its scarcity and hedge properties.