Bitcoin ‘has already bottomed out and its real value is $40k’, SkyBridge’s Scarramucci suggests
After a market-wide selloff that engulfed it in recent months, the cryptocurrency sector is finally catching its breath, fueled by its major assets like Bitcoin (BTC), leading some crypto enthusiasts to offer their two cents on the flagship digital asset. movements.
One of them is Anthony Scaramucci, founder and managing partner of the investment management company SkyBridge Capital, who believes that the worst of the crypto bear market is now over, as he told MarketWatch’s Frances Yue in an interview published on August 2.
SkyBridge’s founder and managing partner expressed his opinion that it was possible for Bitcoin to decline, but “I don’t think it goes below the lows that were reached for this cycle, which would be around $17,500,” he said, adding further to:
“According to our fair market value measures based on adoption, wallet size, use cases, growth of wallets, we believe that the fair market value of Bitcoin right now is around $40,000.”
Scaramucci believes influence has been ‘blown out’
With the much-publicized collapse of the Terra (LUNA) ecosystem, cryptocurrency-focused lender Celsius, brokerage firm Voyager Digital, and hedge fund Three Arrows Capital (3AC), Scaramucci emphasized that:
“We think the leverage has been blown out of the system.”
However, he does not believe that the price of the first cryptocurrency will immediately rise in the near future, taking into account the situation at the macroeconomic level and the fact that “these are volatile assets”, therefore “people have to take a four to five year view of these assets. »
Meanwhile, Bitcoin is trading at $23,343, an improvement of 2.19% on the day, as well as a 9.52% increase from last week, according to data obtained from CoinMarketCap on August 3.
Crypto exposure issues for SkyBridge
Elsewhere, Finbold reported that SkyBridge Capital had temporarily suspended withdrawals from Legion Strategies – one of the funds that had exposure to crypto assets – due to the fall in the prices of the shares and cryptos owned by the fund.
According to the report, about 20% of this fund was in private investments, and the management company decided to keep the structure unchanged following a sell recommendation from Morgan Stanley (NYSE: MS ).
Commenting on this development, Scaramucci said that:
“We have to be confident. All our clients and I can’t get the private investments to go too high. (…) I can’t let everyone out right now until I can have appropriate fairness and balance in the fund.”
After liquidating some of his private investments, Scaramucci explained that “we will then let whoever wants out.”
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