Robert Steinadler, 2 months ago
Star investor, billionaire, and ex-Whitehouse representative Anthony Scaramucci is a known Bitcoin proponent. His investment fund Skybridge Capital is still holding Bitcoin and Ethereum. Scaramucci has been widely criticized in the US for holding onto those positions. In a recent interview with Yahoo Finance, he explained why he is still confident and why he believes that crypto exposure is still the right investment decision despite all the turmoil the market has been through last year.
Why is Scaramucci bullish and what does he expect to happen to Bitcoin in 2030?
During the interview, Scaramucci pointed out that the bear market could be over. Bitcoin has risen to 70% from its low and he believes that the time to take the chips off the table hasn’t come yet. He stressed that the investment in Bitcoin is a macro bet.
Meaning that Skybridge isn’t aiming for short-term profits but is more interested in Bitcoin's implications for the bigger picture. Many analysts believe that Bitcoin is providing a form of hard money that can protect investors from the decline of fiat currency. The debasement of the dollar and the fact that inflation is something investors need protection from gives them a reason to believe that Bitcoin's finite supply is the perfect answer to the issue at hand.
Scaramucci also addressed concerns involving Binance. He pointed out that Binance is an important player in the industry and wished CZ well. He hopes that the company can sort things out with the CFTC and settle the charges that have been brought up against it.
Scaramucci is not the only player on the field that believes that Bitcoin could hit $1 million one fine day. Cathie Wood from Ark Invest also voiced that opinion several times in the past. In this regard, Scaramucci reminded his interview partner that crypto is going through cycles.
He was referring to the Bitcoin halving when he stated that BTC is outperforming any other asset every 4 years. The next Bitcoin halving will occur in 2024 and should history repeat itself then 2025 would mark the next top in those cycles.
Another interesting thing that he mentioned is that he believes that the Fed could end its fight against inflation soon. Not by reaching the 2% target but by changing it to 5%. According to Scaramucci, the bond market could dictate to the Fed that a pivot is inevitable. Should his prediction come true, then he believes that the market could start rallying any time soon.
Featured Image: © Al Teich / Shutterstock.com
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