Mike Alfred Says He Would Bet $1 Million Bitcoin Reaches $100,000 Before $60,000
Investor Mike Alfred said he is willing to bet up to $1 million in cash that bitcoin will reach $100,000 again before it falls below $60,000, arguing the world’s largest cryptocurrency has probably seen its last dip under that level.Alfred, founder and managing partner of Alpine Fox LP, a private firm that invests in value equities and bitcoin, made the remarks in an interview with SkyBridge Capital founder Anthony Scaramucci on the All Things Markets program. He expects bitcoin to hit $100,000 within the next two to four months, a call he described as “not financial advice.” He also sees a run to between $200,000 and $300,000 over the next three to five years.Bitcoin traded around $80,504 on Sunday, up from an intraday low of $79,989. It fell to roughly $57,000 to $58,000 earlier this year, according to Alfred.Scaramucci raised a bearish scenario from Bloomberg Intelligence strategist Mike McGlone, who has argued that bitcoin could drop sharply if U.S. stocks fell 20%. Alfred rejected that view, citing what he called “Bitcoin derangement syndrome” among skeptics and describing bitcoin as “sound money” that sits outside a fiat system built on debt and deficits. Tight liquidity could push the price lower, he said, but the underlying protocol keeps running regardless.He recommended holding bitcoin for 10 to 20 years, calling it a “family heirloom asset” given its short-term volatility and limited liquidity. Scaramucci, who shares his view, said bitcoin could rise tenfold if its market value reached half that of gold, which would put the price near $700,000, according to the report.Alfred also weighed in on markets more broadly. He called last week’s pullback in AI infrastructure stocks a “mid-cycle correction” driven by questions about how companies will finance their spending, not by weaker demand, and said he expects “a very significant AI bull market by mid next year.” He also expects the semiconductor index to reach a new all-time high by mid-2027.On interest rates, Alfred said a Federal Reserve hike at the Oct. 28 meeting is “very unlikely.” He expects a quarter-point increase in December, barring surprises, while Scaramucci said he expects the Fed to raise rates this week.