Bitcoin could reach $50,000 within a few years as cryptocurrencies recover from a terrible year, according Anthony Scaramucci.

SkyBridge Capital founder stated that he expects 2023 to be a “recovery year” for digital assets. He believes it will create a longer-term bitcoin rally, which will raise the token’s value to between $50,000 and $100,000.

Scaramucci said CNBC last week that while you are taking on risk, you also believe in adoption.

“So, if we get adoption right – which I believe we will – this could easily become a $50,000-100,000. asset over the next two-to three years.”

As traders anticipate that the Federal Reserve will reduce its large-scale interest rate hikes to curb inflation, cryptocurrencies have risen since the beginning of 2023. Investors will be more inclined to save their money in interest-bearing savings accounts than invest it in assets, the higher the rates.

The leading cryptocurrency bitcoin has seen a 26% increase to trade at $21,000. Meanwhile, the second-largest token ether has risen above $1,500 following a 29% surge.

However, the rally was not significant enough to offset the losses suffered by cryptocurrencies in 2022.

Both ether and bitcoin are still below 50% in the last year. The demand for crypto has been impacted by rising interest rates and the implosions of well-known companies such as FTX, Celsius Network and Celsius Network .

Despite the market downturn, Scaramucci continues to believe in the sector. He stated Monday that he will invest his own money in the new crypto startup of former FTX US president Brett Harrison.

“Brett, I am proud to invest in your company. Keep moving. Do not look back. In reply to a tweet thread in which Harrison wrote about his experiences working for the failed crypto exchan, Scaramucci stated that he wished him the best.