Bitcoin could 'easily' recover to hit $100,000 over next the 24 months, powered by tech developments and macroeconomic improvements, says Anthony Scaramucci




Anthony Scaramucci SkyBridge White House Donald Trump
Anthony Scaramucci SkyBridge White House Donald Trump  
  • The selloff in bitcoin and ethereum are buying opportunities, Anthony Scaramucci said on Monday.

  • He still sees bitcoin going up to $100,000 over the next 12-24 months.

  • An improving macroeconomic picture will be a factor in helping crypto prices recover, he said.

Bitcoin's beatdown is a buying opportunity before the cryptocurrency makes a sustained turnaround to advance to $100,000 over the next 12-14 months, SkyBridge Capital CEO Anthony Scaramucci told CNBC on Monday.

He appeared as bitcoin during Monday's session sank 15% to $22,829.66 and fell below $23,000 for the first time since December 2020 as part of a wider selloff in the cryptocurrency market. The market's value on Monday fell below $1 trillion for the first time since early 2021.

"[With] incremental cash that comes into our funds, we have bought more bitcoin and ethereum. We have a private stake in FTX. FTX is doing very well, it's gaining market share and is a profitable company," he said, referring to the cryptocurrency exchange run by 30-year-old crypto billionaire Sam Bankman-Fried.

"So, yes, I mean, the truth be told, people will look back on this [market] debacle and say, 'I wish I had fresh cash to buy into that.' Could it leg down some more? Certainly," he said.

Bitcoin has dropped about 50% during 2022 and ether, the token on the ethereum blockchain, has lost roughly 67% this year, including Monday's tumble of 17%. Crypto prices this year have largely taken their lead from stocks that have been knocked down by worries about higher interest rates, with the Federal Reserve responding to decades-high inflation.

It's "impossible" to project the lows for bitcoin and ethereum, said Scaramucci. "But if you were at [CoinDesk's conference] Consensus last week in Austin, and you saw all of the robust development that's going on in Web3 and you see the money that's being deployed, I think that the upside is enormous," he said. "I still believe that bitcoin can easily get to $100,000 a coin over the next 12 to 24 months, but you're gonna have to settle out where the markets are."

Scaramucci recalled investment banks shelving their cryptocurrency ideas in 2018. "Today, they're doing derivative trades and things like ethereum. I don't think there's any going back. Lots of good information out there, lots of positives as it relates to fundamentals. Just the price action is terrible right now."

Meanwhile, investors could see inflation data improving by the end of 2022 as the COVID pandemic subsides and as the supply chain becomes more connected, he said. US consumer price inflation in May rose to a fresh 41-year high of 8.6%.

 

COMMENTS

More Related News

Iran makes first import order using cryptocurrency - Tasnim
Iran makes first import order using cryptocurrency - Tasnim
  • US
  • 2022-08-09 10:09:16Z

DUBAI (Reuters) -Iran made its first official import order using cryptocurrency this week, the semi-official Tasnim agency reported on Tuesday, a move that...

US Treasury sanctions Tornado Cash, accused of laundering stolen crypto
US Treasury sanctions Tornado Cash, accused of laundering stolen crypto

The U.S. has sanctioned decentralized cryptocurrency mixing service Tornado Cash for its role in enabling billions of dollars worth of cryptocurrency to be laundered through its platform. Tornado Cash, which lets users make private transactions on the Ethereum network, has laundered more than $7 billion worth of virtual currency since it was created in 2019, the Treasury said. This includes $445 million stolen by the Lazarus Group, a notorious North Korean-backed hacking group that is already under U.S. sanctions.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

  • facebook账号解封
    (2022-06-29 00:51:48Z)

    事实上,facebook账户被屏蔽是正常的。特别是在美国大选的初期,该组织发布了许多信息,都在抱怨账户被屏蔽。如果您的个人数据是真实的,并且没有严重违反社区规定,那么解封并不困难

    REPLY

Top News: Economy