A catalyst will trigger transition to Bitcoin, Ethereum and other crypto assets, says Anthony Scaramucci
Hedge fund manager Anthony Scaramucci says a major catalyst is likely to lead to broader use of crypto assets.
In a new interview with Yahoo Finance, the CEO of SkyBridge Capital says the fallout from the US bank failures will drive more people to invest in top crypto assets like Bitcoin (BTC) and Ethereum (ETH).
“You have a regional banking crisis in the US. And there is a crisis of confidence related to deposits and how the Fed is going to handle these things. It will be a move, perhaps slowly at first, but it will be a move to diversify into more digital assets, especially things like Bitcoin and Ethereum.
Scaramucci also predicts that the bear market has come to an end for crypto.
“I would guess right now that we are through the bear market.”
He also weighs in on Binance, the world’s top crypto exchange by trading volume, which was recently hit by a lawsuit from the Commodity Futures Trading Commission (CFTC), a US regulator.
He calls Binance an important entity in the crypto industry, but also notes how cryptocurrencies have recovered from previous implosions of major exchanges.
“[Binance] is a super important centralized exchange in our industry. If something happens to Binance, I think it will be a short-term hit…
When FTX went down it hurt the crypto market, but it was a temporary injury to the market. I think Bitcoin got to $16,000…
You may remember something called Mt. Gox that failed in 2014, 60% of Bitcoin trading was on that exchange. People said: Well, that’s the end of cryptocurrencies and Bitcoin. Of course, that didn’t happen either. And I wish [Binance CEO Changpeng Zhao (CZ)] we will. I know him personally. I like CZ. I hope he fixes these issues.
I absolutely do not want to see anything happen to Binance. But I think people need to understand that the ecosystem known as the cryptocurrency markets, Bitcoin, Ethereum, et cetera, are very resilient. And there is a lot of pent-up demand coming into the space. You can only see it in the chain analysis that we do in the company.”
At the time of writing, Bitcoin is trading at $28,048 while Ethereum is worth $1,871.
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