Scaramucci: Bitcoin’s true value is $40,000
Anthony Scaramucci argues that Bitcoin’s price this year has already bottomed out in June and that the current real value will be $40,000.
Bitcoin’s real value according to Anthony Scaramucci
He revealed this during an interview with MarketWatch yesterday.
Bitcoin has already bottomed out, has a real value of $40,000, says Anthony Scaramucci
— MarketWatch (@MarketWatch) 2 August 2022
Scaramucci is the founder of SkyBridge Capital, and last year so that Bitcoin in some ways should be considered better than gold.
Yesterday he stated that the worst of the current crypto bear market should be over, because many leveraged positions would have been wiped out of the system.
Therefore, he believes that while a decline from today’s level is still possible, it is unlikely to fall below the lowest level reached in this cycle of around $17,500.
If anything, according to SkyBridgeits analysis, the present fair value would be $40,000analyzes various calculations on adoption, wallet size, use cases and wallet growth.
In the case of ETH (Ethereum), the real value calculated by SkyBridge will be $2800.
These are 74% and 75% higher than today’s valuesrespectively.
Scaramucci also stated that SkyBridge continues to buy BTC and ETH because of the incremental liquidity coming into their funds, as they consider them fundamental undervalued and technically oversold.
However, he also reported that they don’t expect it the price of BTC to go up immediately due to macroeconomic uncertainty. According to Scaramucci, the time horizon to consider for these investments will be four to five years.
On a macro level, Scaramucci thinks so inflation will soon begin to decline. In fact, he said that the second half of the year may surprise in this regard because a decline in consumption in the United States is already underway.
Recession, inflation and the price of Bitcoin
At this point, there will likely be one recession for all intents and purposes, but it can be shallow and not deep thanks to the huge amount of people’s savings and more available jobs than there are applications for.
So the overall picture is not rosy in the short term, but it should clear up already in the medium term. In the long term, he remains bullish on Bitcoin, although it may take some time before we see one real rise in price.
It is worth noting that even under the previous two after halving bear markets, it took about two years for the price to really recover, and it is possible that Scaramucci also has this factor in mind as a important element for his thoughts on the matter.
So far, Bitcoin’s cycles have always repeated themselves, albeit in different proportions, and for now there seems to be nothing stopping them from continuing to do so, at least in the short term.
