Legendary investor Anthony Scaramucci has made headlines by predicting that Bitcoin (BTC) could reach up to $8 million in the long term, driven by upcoming halving events. He anticipates the cryptocurrency to increase tenfold in value during the current market cycle.

In an interview with CNBC, Scaramucci emphasized that the impact of halving events has not been reflected in Bitcoin's price yet. He believes that Bitcoin has the potential to reach half the valuation of gold, translating to a significant six to tenfold increase from its current level.

Scaramucci sees Bitcoin as a promising store of value, comparing it to gold and projecting a future where its market capitalization rivals that of the precious metal. He suggests that increased demand for digital assets and global adoption could push Bitcoin's price to $170,000 in the near term.

Despite acknowledging Bitcoin's volatility and cyclical nature, Scaramucci remains optimistic about its long-term prospects, citing its limited supply and decentralized nature as key strengths. He views Bitcoin as a hedge against inflation and economic uncertainties, advocating for its adoption by institutional investors.

While some experts agree with the potential for Bitcoin's price to surge due to increased adoption, there is skepticism surrounding Scaramucci's bold prediction of $8 million for Bitcoin. It remains to be seen how the cryptocurrency market will evolve in response to various factors.