Scaramucci names key factors for rapid crypto market recovery

Anthony Scaramucci of SkyBridge Capital cites Ethereum’s Merge, improving macroeconomic conditions and recovering prices as factors in his near-term optimism.

“Keep calm and focus on the long term”

The founder and managing partner of SkyBridge Capital advises investors to “look through the current circumstances, stay calm and keep a long-term focus.” In an interview with CNBC, the fund manager spoke about his belief in certain recent developments in the crypto world that could lead to a lot of commercial activity.

In particular, he mentions the development of the Lightning Network, the second layer on Bitcoin, and the collaboration between BlackRock and Coinbase. BlackRock is the largest asset manager in the world, having partnered with Coinbase to set up a construction to allow their institutional clients to invest in Bitcoin. According to Scaramucci, these are two developments that can bring Bitcoin a lot in the future.

“BlackRock CEO Larry Fink sees institutional demand for Bitcoin. Otherwise, he wouldn’t be setting up these kinds of products and the partnership with Coinbase,” said an optimistic Scaramucci. According to the asset manager, the scarcity of 21 million Bitcoin is almost a guarantee that there will be a shortage again in the long term.

The Upcoming Merge

Of course Scaramucci can’t ignore the Merge in the interview either. Ethereum will move to Proof-of-Stake within the next month and the market can clearly appreciate that. Ethereum has been going like a rocket in recent weeks and is currently outperforming all other cryptocurrencies. Bitcoin also has to believe in the power of Ethereum at the moment.

Read Also:  Where To Get Free Copies Of Your Credit Reports

“Many traders probably buy ‘that rumor’ and sell once the Merge is complete. I want to warn people not to do the latter. These are great long-term investments,” he concluded. Finally, Scaramucci points to the recovery of the market in recent weeks. Bitcoin has taken a 20 percent price gain in the past month and Ethereum is at a plus of 62 percent. That gives hope.

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here