Anthony Scaramucci says he’s more bullish on Bitcoin now than ever before: ‘Incredibly solid, bizarrely anti-fragile asset class’
Skybridge capital founder Anthony Scaramucci said in a recent interview that he is more bullish on Bitcoin BTC/USD now than he ever was.
What happened: In an interview with Decrypt published Thursday, Scaramucci said there are grounds for bullishness. The boom-bust cycles of Bitcoin and other cryptocurrencies coincide with the mechanics of the halving process, he explained, adding that another halving will take place in April next year.
The period between January 2021 and the end of 2022 saw a huge increase in Bitcoin’s popularity, leading to a boom-bust cycle, the hedge fund manager said. The cryptocurrency went through an exaggerated boom-bust cycle because the media had given Bitcoin significant attention and because of the wide availability of Bitcoin wallets during that time, he added.
Scaramucci noted that it was during this period that fraud occurred. “What happened almost right on time is the intersection of fraud and overexploitation, which always happens in an age of new technology,” he said.
“The technology we have now can create a bee swarm,” Scaramucci said. He drew a parallel to previous years, noting that 10 to 15 years ago centralized hedge fund managers could make individual stock decisions and wouldn’t necessarily have experienced a backlash from such a bee swarm since those managers didn’t have platforms like Zoom, Instagram, iMessage and the like.
Scaramucci touched on recent setbacks in the crypto industry, including the disasters that involved FTX, Celsius, Luna and BlockFiand SEC Chairman Gary Genslers anti-crypto stance.
Bitcoin is an “incredibly solid, bizarrely anti-fragile asset class” and could probably go to $40,000 or $50,000 by the end of the year, Scaramucci added.
See also: How to buy cryptocurrencies
Institutional interest: Discussing how different individuals view Bitcoin, Scaramucci noted that at one end of the spectrum are people who Michael Novogratz, which Scaramucci says qualifies as an “instivid,” and Michael Saylor, while on the other hand there are those who Charlie Munger and Jamie Dimon.
Then there’s the regulatory world, Scaramucci said. Money center banks and regional banks are under siege right now and are going to need Washington, he said.
“Jamie Dimon is probably the smartest person in the history of financial services since the original JP Morgan, and there’s no way if you got him offline and you got him with truth serum in him that he would tell you that Bitcoin is a decentralized bedrock. ” Scaramucci said.
If Grayscale wins its case against the SEC and turns the BTC trust into the largest BTC ETF, the floodgates of institutional demand will open, the fund manager said. This is because every asset management firm must have a cash Bitcoin ETF, the analyst said.
“Maybe they’ll lose it in the Supreme Court, but I’ll tell you what they won’t lose is in the court of public opinion,” Scaramucci said, explaining that there are 77 million people in the United States who have a cryptocurrency wallet.
At the time of writing, Bitcoin was trading at $30,391.13, down 0.76%, according to Benzinga Pro data.
Read next: A look at Bitcoin, Ethereum, Dogecoin this weekend: Can Bitcoin sustain $30,000? Ethereum $2000?
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