Is the Bitcoin Bear Market Really Over? Anthony Scaramucci thinks so
Anthony Scaramucci – the founder of SkyBridge Capital and former White House official – believes “we are through” the crypto bear market.
He also praised bitcoin’s performance over the years, saying it is the best long-term investment tool.
Time for a market increase?
In a recent interview for Yahoo Finance, Scaramucci said that the prolonged cryptocurrency winter, like so many scandals, collapses and market downturns, may already be behind us. He went on to advise investors to keep faith in Bitcoin, predicting that the price could rise in the following months:
“Bitcoin is up about 70% on the year and I don’t think it’s time to take chips off the table. If anything, I think this is the beginning of a new era for bitcoin and other cryptocurrencies and we will be patient and we will remain disciplined through the approach we have had for the last 20 years, which is to make a macro bet: Sit patiently and take the heat from the pundits and critics.”
Scaramucci also agreed with Cathie Wood’s prediction that the primary cryptocurrency could shoot in the air to $1 million by 2030. He praised it as the best investment vehicle people can choose when investing for the long run:
“But every time you’ve held Bitcoin for a four-year rolling interval, so you pick the day, hold it for four years, you’ve outperformed every other asset class.”
He gave his two cents on the recent FUD surrounding Binance and how a possible collapse of the world’s leading exchange could affect BTC. Scaramucci believes such a disaster would be much more devastating than the FTX meltdown and wanted Changpeng Zhao (CEO of Binance, better known as CZ) to deal with the problems:
“Binance is a super important centralized exchange in our industry. If something happens to Binance, I think it will be a short-term hit. I wish CZ the best of luck. I know him personally, I like CZ, I hope he fixes what these problems is. I absolutely do not want to see anything happen to Binance.”
The bull market depends on inflation
Scaramucci has in the past argued that a price expansion of digital assets may occur when the Federal Reserve stops raising interest rates. The central bank lifted the benchmark index last month to a range of 4.75% to 5% in an attempt to tackle the rate of inflation in the United States.
According to Scaramucci, the aggressive policy will stop when inflation cools to around 4-5%. Remember that February CPI figures clocked in of 6% year-over-year.
“I think the Fed is declaring victory at 4% to 5% inflation. If I’m right, there will be a boom in the market. There will be a lot of short covering in crypto, and there will be a rebirth of risk assets.”
