The crypto sector is poised for “much more commercial activity”, expects SkyBridge’s Scaramucci

The broader cryptocurrency market appears to be stabilizing after receiving a big push from the Consumer Price Index (CPI) data report coming out better than previously expected, with a crypto-enthusiastic hedge fund veteran predicting more fervor to come.

In fact, Anthony Scaramucci, founder and CEO of investment management firm SkyBridge Capital, discussed the possibility of digital assets emerging from the crypto winter in an interview with CNBC’s Squawk Box published on August 12.

During the interview, Scaramucci highlighted that he expected much more vibrancy in the crypto market in the future, saying that:

“We believe [with] the improvement of the lightning network, the increase in applications and simple transactions on Bitcoin, you are going to see a lot more commercial activity there.”

Scaramucci gives his take on the merger

Scaramucci also commented on the upcoming Merge update of the Ethereum (ETH) blockchain, which will officially mark the network’s transition from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) algorithm and “which is going to lower transaction fees on the the network.”

According to him, “a lot of traders are probably buying that rumor (…), they’re probably going to sell on the news of that merger that’s going to happen in mid-September,” but he also cautioned against doing so. As he explained:

– These are large long-term investments. In the next six years, if we’re right, if Bitcoin goes to $300,000 per coin, it won’t matter if you bought it for $20,000 or $60,000.”

Is the worst behind us?

It’s worth noting that Scaramucci also believes that the worst of the crypto bear market is now over and that Bitcoin’s market cap is around $40,000, according to a Finbold report from early August.

He had previously advised people to “stay disciplined” in mid-June, when the Celsius lending platform’s fall put pressure on the entire market, just weeks after Terra’s (LUNA) collapse did the same.

Elsewhere, immediately after the CPI report for July came out, the crypto market reacted by pouring $50 billion into its market capitalization in one hour, bringing a total of $250 billion inflows in the previous month.

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