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According to Anthony Scaramucci, founder and managing partner of Skybridge Capital, the recent developments, including BlackRock’s private Bitcoin trust, will contribute to a demand shock for Bitcoin that would cause its price to rise.
During an interview with CNBC this Friday, Scaramucci stated that he has noticed a rise in investor interest in the crypto market. He believes that the global economy can return to its Q4 2019 status—a strong economy, job growth, and moderate inflation—within six to twelve months, given the better-than-expected inflation numbers in July.
Bitcoin to $300K zone
He went on to express his bullishness on the crypto market by stating that the “future” is coming sooner than he thought and Bitcoin will reach $300,000 within a few years.
Scaramucci mentioned that a lot of investors are trading Ethereum’s merge, the highly-talked upcoming update on Ethereum Network that will switch its consensus method to proof of stake.
The majority of the system’s dangerous leverage has, in his words, “been cleared from the system,” and the market is starting to appreciate that, he added. In June, companies like Three Arrows Capital were liquidated on a number of crypto collateralized loans as a result of what industry-wide risk management was “inane,” according to billionaire Mike Novogratz.
“It’s just a reminder to investors not to pull out, fight their own fear, stay patient, and stay long term,” continued Scaramucci.
In particular, he stated that, in line with billionaire Mark Cuban’s prediction on Sunday, traders are “probably buying the rumor” and will “probably sell on the news” of the merger. The founder reiterated his previous warning to treat Bitcoin and Ethereum as long-term investments.
In support of his statement, he claimed that the newest collaboration between BlackRock and Coinbase, as well as the launch of a Bitcoin fund, are indications that CEO Larry Fink is aware of institutional demand for digital assets. He asserted that if it weren’t teaming up with Coinbase, the guy “wouldn’t be setting up those products.”
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