The cryptocurrency market seems to be stabilizing after the release of the better-than-expected US Consumer Price Index (CPI) data report. However, the crypto-savvy former White House communications director remains optimistic about the future.
Indeed, Anthony Scaramucci, founder and CEO of investment management firm SkyBridge Capital, evaluated the current outlook for the crypto market in an interview with Squawk Box. During the interview, Scaramucci emphasized that he expects much more vitality in the crypto market in the future and said:
“We think we will see much more commercial activity in the market with the improvement of the Lightning Network, the increase in applications and the ease of transactions on Bitcoin.”
Besides, the American investor suggested that the Bitcoin price could eventually rally up to $300,000. According to Scaramucci, at this point, buying the cryptocurrency for $20,000 or $60,000 is not so important.
“These are big long-term investments. In the next six years, if we’re right, if Bitcoin goes to $300,000, it won’t matter whether you bought it at $20,000 or $60,000.”
It’s also worth mentioning: Scaramucci announced at the beginning of August that the worst for the crypto bear market is now over, with Bitcoin’s fair market value at around $40,000. Earlier, just weeks after the Terra (LUNA) crash, Celsius advised people to “remain disciplined” in mid-June when the collapse of the credit platform put pressure on the entire market.
Finally, Scaramucci also commented on the Merge update, which will enable the Ethereum network to transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) algorithm, stating that it will “reduce transaction fees on the network.”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.