Skybridge Capital is “very bullish” on Bitcoin and Ethereum over the next 12 to 24 months. The founder of the global asset management firm explained that the world’s largest cryptocurrency could reach $300,000 within six years, urging investors to “relax” and “stay for the long haul.”
Skybridge bullish on Bitcoin and Ethereum
Anthony Scaramucci, founder and managing partner of global asset manager Skybridge Capital, shared his company’s view of Bitcoin and Ethereum in an interview with CNBC on Friday.
Asked if the crypto winter is over, he said, “I want to warn people not to see the current environment,” citing better-than-expected economic data such as inflation and unemployment figures released last week.
“The cryptocurrency market, we believe, is that most leverage is completely outside this system,” the Skybridge founder described, explaining:
It’s a reminder to investors not to pull back, fight their fears, be patient, and stay for the long haul.
“We stopped. The pandemic wreaked havoc. We put a lot of money into the system that caused some inflation and obviously disrupted the supply chain. But you can go back to the last quarter of 2019, which had a very strong economy – low unemployment. Moderate inflation.Maybe this is after 6 to 12 months.I think the market is starting to realize that.
He noted that Skybridge’s largest crypto hubs are in Bitcoin and Ethereum, adding that the company also likes Solana and has a “very big hub” in Algorand.
Scaramucci shared his view of Bitcoin specifically, describing it as “improving the Lightning Network, increasing applications, and making transactions on Bitcoin easier,” noting:
You will see a lot of businesses there.
Meanwhile, “You have a merger coming with Ethereum, which will lower transaction fees on that network. A lot of merchants are probably buying into this rumor… they will probably sell on the back of the merger news, which will happen in mid-September. I would like To warn people not to do that. These are big long-term investments.”
The founder of Skybridge confirmed:
In the next six years, if we’re right, if bitcoin goes to $300,000, it won’t matter if you bought it at $20,000 or $60,000. It doesn’t really matter.
“And I’m just warning people, the future is upon us. It’s happening sooner than I thought.”
Scaramucci then referred to Blackrock, the world’s largest asset manager, which recently launched a bitcoin confidence, citing “huge” demand from some institutional investors. “Finally, Larry Fink [the CEO of Blackrock] You see institutional demand. Otherwise, he will not set up these products and cooperate with Coinbase,” the Skybridge founder said. “When these things happen, I want to remind people that there are only 21 million bitcoins, and you will have a demand shock with very little supply.”
Earlier this month, Scaramucci said that Bitcoin has a fair market value of $40,000 and that of Ethereum is $2,800. In March, he doubled his company’s forecast that bitcoin will reach $100,000 by the end of this year and $500,000 in the long run.
Scaramucci discourages people from investing based on sentiment, noting that the message he’s trying to send to investors is “look through this.”
“If you are out of the market for the top 10 days, you reduce your return from like a 7.5% return to a 2% return. This is the stock market in general.” You act fast on things and become overly emotional.”
While Scaramucci emphasized, “We try to tell people, ‘Just relax, and look through it,'”
We see a very optimistic scenario for Bitcoin, Ethereum, Solana and Algorand over the next 12 to 24 months.
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