- According to reports, the founder of the investment firm advised Bitcoin holders not to sell their BTC and stated that they have already weathered the storm.
- Despite mentioning that Bitcoin, which reached a peak of $68,789 in 2021, has since dropped by approximately 61%, he still expressed optimism about Bitcoin.
- Despite his optimism about the future of Bitcoin, Scaramucci pointed out some macro factors that could hinder Bitcoin’s growth.
Anthony Scaramucci, the founder of SkyBridge Capital, shared important insights for Bitcoin investors.
Scaramucci Shares Recommendations for Bitcoin
Anthony Scaramucci, the founder of SkyBridge Capital, shared positive views on Bitcoin amid the recent bear market, which may provide some relief to BTC holders during the ongoing bear market.
According to reports, the founder of the investment firm advised Bitcoin holders not to sell their BTC and stated that they have already weathered the storm. Interestingly, he mentioned that the worst of the bear market is behind us. Although this is a bold claim, there seem to be some evidence supporting it.
There is a possibility that Bitcoin has already reached its bottom, as previously noted by Kevin Kelly, the co-founder of Delphi Digital. Historically, BTC tends to find its bottom about 18 months before the Bitcoin Halving (the next Halving will occur in April 2024). Therefore, it is possible that the worst part of this current market cycle is indeed behind us.
Scaramucci reported this while speaking at the Messari Mainnet conference in New York. Although he noted that Bitcoin, which reached a peak of $68,789 in 2021, has since dropped by approximately 61%, he still expressed optimism about Bitcoin.
Meanwhile, he pointed to Wall Street’s adoption of BTC as one of the factors that would encourage widespread adoption of the cryptocurrency. Wall Street giants, including the largest asset manager BlackRock, have applied to offer a Spot Bitcoin ETF, and it is believed that once these firms add this product to their “arsenal,” institutional investors will start investing in it, thereby expanding the Bitcoin market.
Scaramucci also likened the potential growth of BTC to the Internet boom, stating that the younger generation will “popularize” Bitcoin in a similar way (likely referring to the period when Internet adoption surged).
Factors That Could Affect BTC’s Growth
Despite his optimism about the future of Bitcoin, Scaramucci pointed out some macro factors that could hinder Bitcoin’s growth. These factors include high interest rates, negative views on cryptocurrency, and statements by SEC Chairman Gary Gensler, who referred to numerous “frauds” and “scammers” in the crypto space.
However, his view on high interest rates seems to contrast with the opinion of crypto analyst Nicholas Merten. According to Merten, the Fed (in terms of interest rate hikes) is not doing enough, and further inflation could be one of the factors that will affect Bitcoin’s price in the future.
