Anthony Scaramucci: BTC has come out of the bottom

Could the worst of the crypto bear market end? According to former White House communications director and crypto bull Anthony Scaramucci, The price of bitcoin has officially. Investors won’t see things getting any worse from here, and BTC is believed to be worth around $40K.

Scaramucci thinks the worst is over

In a recent interview, Scaramucci stated:

We believe the leverage has been blown out of the system. I don’t think it’s dropping below the low reached for this cycle, which would be around $17,500. According to our fair market value metrics based on adoption, portfolio size, use cases, [and] Portfolio growth, we believe that the fair market value of Bitcoin is currently around $40K.

The cryptocurrency market, recently, has experienced some of the most bearish conditions the world has ever seen. Bitcoin, for example, is the world’s number one digital currency by market capitalization. Last November, it reached a new all-time high of around $68,000, although at the time of writing, it was struggling to maintain a position in the low $20,000 range. In total, the cryptocurrency market has lost more than $2 trillion in overall valuation in just the past few months.

Scaramucci continued his interview with:

We are on the sidelines net buyers where the extra cash comes into our money. We are net buyers of these originals because we believe they are undervalued and technically oversold. Again, these are volatile assets. I think the problem here is [that] People need to look at these four to five year assets.

Scaramucci is the founder and managing partner of Sky Bridge Capital. At the time of writing, the company has suspended all withdrawals, which means that customers cannot withdraw their funds from their accounts. The move is designed to keep the company stable while the market operates itself, although this has sparked controversy as it follows in the footsteps of companies like Celsius Network, which eventually filed for bankruptcy.

Scaramucci assures traders that his company is not in trouble, although they are thinking about the future and trying to prepare. He said:

we [must] Be fiduciary. All of our clients and I can’t have too high a private investment. I can’t let everyone out at this moment so I can get proper justice and balance in the box.

Maintaining the stability of the company

Currently, approximately 18 percent of the assets in Sky Bridge are made up of cryptocurrencies. Scaramucci ended with:

Once we have the liquidity in these investments, we will then leave it to whoever wants to get out… I think the second half of the year will surprise people because there is already a slowdown in consumption. There will probably be a shallow recession, but not deep, because people have a huge amount of savings.

Tags: Anthony Scaramucci, Bitcoin, Skybridge Capital

#Anthony #Scaramucci #BTC #bottom

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