Leaderboard 728×90
Leaderboard 728×90

Scaramucci highlights key factors why crypto market will soon recover

Founder and managing partner of Skybridge Capital, Anthony Scaramucci, has an optimistic outlook for the future of crypto markets, advising investors to “see through the current environment” and “stay patient and stay long term.”

In an interview with CNBC, the hedge fund manager spoke about his belief that several recent developments in the crypto space could spark “a lot more commercial activity.”

In particular, he highlighted the ever-improving Lightning Network, the two-layer payment protocol layered on top of Bitcoin (BTC), BlackRock’s partnership with Coinbase, and their subsequent establishment of a BTC Private Trust Fund as positive signs for the future.

Finally, CEO Larry Fink is seeing institutional demand for digital assets. Otherwise, he wouldn’t be setting up those products, and he wouldn’t be teaming up with Coinbase.

“I just want to remind people that there are only 21 million Bitcoins out there, and you’ll have a demand shock with very little supply,” he added.

Ethereum Merge on the horizon

Scaramucci cited the upcoming Ethereum (ETH) Merge scheduled for Sept. 15, which will change the network’s consensus mechanism to proof of stake, as an event that could affect the market price of the second largest cryptocurrency.

In his opinion, traders are buying the cryptocurrency based on the potential positives the merger could bring, but he also notes they could turn around and sell just as fast.

“A lot of traders are probably buying that rumor; they will probably sell on the news of that merger,” he said, add that “I would caution people not to do that; these are great long term investments,” he added.

Recovery slow but steady over the last month

Despite the ongoing crypto bear market, many top cryptocurrencies have posted modest gains. BTC is up 20% in the last month to sit at $ 24,959 USD at the time of writing, while the price of ETH has surged a hefty 62% to $1999 USD, according to data from 

Scaramucci noted that he’d seen a resurgence of investor interest, and with better-than-expected inflation numbers in July, he believes the global economy can…

..

Read More

About The Author

Related posts