Anthony Scaramucci: Bitcoin is in a good place

Anthony Scaramucci – the man behind Skybridge Capital and a former Trump administration employee – said in recent interview that Despite the recent crash, he is confident that Bitcoin is in a good position.

Anthony Scaramucci in BTC Status

He says that bitcoin will experience a “demand shock” in the coming months, which means everyone will want to come back up and the price of the asset could go up like no one’s doing. He is confident that the coin will create headwinds very soon, as he said:

Everyone is a long-term investor so they run into short-term losses, but I think the fundamentals are very good in the long-term.

He points to several things happening with institutions that he is also confident will make Bitcoin climb up the financial ladder very soon. He indicated:

Two main things happened on the institutional side. Fidelity allows its 401k products to offer bitcoins.

The news Scaramucci is pointing to is that Fidelity Investments — one of the biggest names in retirement accounts and 401ks out there — said it allows individuals to put a portion of their retirement savings into crypto assets. The move has brought a lot of interest and mainstream legitimacy to the cryptocurrency world lately, though it also made quite a few people angry or uncomfortable, Elizabeth Warren being the most notable example.

As a Democratic senator from Massachusetts, Warren recently issued a letter to Fidelity asking executives why they were willing to take this opportunity to expose people during their later years to highly speculative origins clearly linked to crime.

This was not the only institutional factor that Scaramucci believes will play a large role in the further development of the crypto arena. He also referred to the partnership between crypto exchange Coinbase and investment giant BlackRock, claiming that this would truly lead to the launch of bitcoin and its virtual counterparts.

He said:

Blackrock said in addition to collaborating with Coinbase on the Aladdin risk management program… that they will offer a special trust that will give their clients the opportunity to invest directly in Bitcoin.

The program between the two entities is designed to allow BlackRock customers to easily access digital assets such as bitcoin. It’s an unusual time for BlackRock to make such a decision as the digital asset industry is disrupting like nobody’s business, but the institution says it is simply responding to a long demand from clients that they are allowed to add crypto to their portfolios.

He’s Excited About Ethereum Integration

Scaramucci was also excited about the upcoming Ethereum merger, saying:

Ethereum is about to consolidate and reduce its gas and transaction fees, which is one of the reasons why Ethereum is up about 70 percent.

Tags: Anthony Scaramucci, Bitcoin, Fidelity

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