Bitcoin has bottomed this cycle, according to Antony Scaramucci, the founder of SkyBridge Capital.
Anthony Scaramucci does not see a decline in the value of Bitcoin below the $17,500 mark. Additionally, he insisted that the asset’s “fair value” should be $40,000, or about twice the present value.
However, the executive believes that given the global financial unrest, the rise in BTC’s price won’t come quickly. As a result, it could take up to five years for the top cryptocurrency to recover.
BTC has a “Fair Value” of $40,000, and $2,800 for ETH
Given its stellar performance in 2017, it is reasonable to conclude that Bitcoin has been in a downturn over the previous few months. In fact, the value of the company today is about $23,500, which is about 66 percent less than the peak value of almost $70K reached in November 2021. Additionally, its price fell as low as $17,500 at one time in June, which sent investors into a panic.
Anthony Scaramucci, however, asserts that the worst of the bear market is past, stating that bitcoin has bottomed this cycle. He asserted that although the asset might potentially fall in the near future, it shouldn’t fall below $17.5K:
“We believe that the leverage has been blown out of the system. It’s possible for bitcoin to slide, but I don’t think it’s going below the low that was reached for this cycle, which should be at around $17,500.”
Scaramucci said that the current “fair market value” of Bitcoin is around $40,000 based on “adoption, wallet size, use cases, and growth of wallets.” The value of ether, on the other hand, ought to be around $2,800. The head of SkyBridge Capital, however, identified the cryptocurrency market’s volatility as a roadblock that would prevent the subsequent bull run:
“Again, these are volatile assets. I guess what’s at issue here is people need to take a four to five years view of these assets.”
A Long-Term Investment in Crypto
Scaramucci has long been a vocal advocate for the digital asset sector. But it’s important to remember that throughout several of his appearances, he cautioned customers to consider investing in Bitcoin and other cryptocurrencies as a long-term plan that could pay off.
He reaffirmed his stance last month while acknowledging that it was a mistake to place a short-term wager on Bitcoin. His business lost a large sum of money during the crypto winter as a result of the extensive exposure.
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