Anthony Scaramucci says he’s sticking with Bitcoin – here’s why

Skybridge Capital CEO Anthony Scaramucci is sticking with it Bitcoin Even though the cryptocurrency struggled following its recent decline from the key technical level of $30,000.

former White House communications director shares his conviction during a Interview with Bloomberg on Thursday. Speaking about the current market outlook for the shares and crypto Amid US debt ceiling crisis talks, Scaramucci said about bitcoin:

“I stuck with it, you know what’s interesting is I haven’t changed the portfolio at all and I think we’ve been rewarded with that because a lot of things happened last year.”

Bitcoin is intrinsically valued at $40,000

Skybridge Capital founder highlights its potential bitcoin price To briefly bounce higher one of the factors that catalyzed the 2022 dump.

While crypto winter saw the LUNA crash, Three Arrows Capital delays, and a host of crypto bankruptcies amid the transition, ftx collapse And the upheaval that was probably the biggest catalyst for Sam Bankman-Fried & Co doing crypto.

Everything About the One-Time “Crypto Genius” Now Looks Like “A Child,” According to a Hedge Fund Manager [of] John Meriwether and Bernie Madoff.

He added that fraud, over-leverage and overconfidence ended with the crypto market in a major depression. as inves covered hereFTX acquired a 30% stake in Skybridge Capital before the exchange filed for bankruptcy to see Native ftx token Dump close to zero.

Explaining why he is bullish on bitcoin, Scaramucci said:

“The market is probably overdone to the downside and that is why we think that bitcoin is intrinsically valued around $40,000. It is trending at $25,000 to $27,000 right now, but what we see is better miner activity, we Let’s see the details of the wallet.

Scaramucci Says Adoption Could Explode BTC Price

Scaramucci has previously spoken about the power of bitcoin as a store of value, and still holds this view when judging by his comments on where bitcoin’s price is headed and what could happen. In his opinion, BTC is not only undervalued but also has the potential to explode in the future. purse Development.

“I’ve talked about this off air so let’s repeat it – you have 4% global absorption for bitcoin – about 340 million wallets. That’s roughly what the internet was in 1998. We only got 4% to 8% Have to get and you will see explosive returns in bitcoin.

He believes the key to getting it right as a long-term investment is to be patient.

According to data from CoinGecko, bitcoin was trading around $26,915 on Friday morning. This meant that indecision after last week’s rejection above $28,000 caused the price to slide down about 2%. BTC Price Over $31,000 in 2023. The current price is up more than 60% from its 2021 all-time high of $69,000.