CEO of SkyBridge Capital Anthony ScaramucciHe is of the opinion that Bitcoin will reach a clear bottom once the Federal Reserve stops raising interest rates to reduce inflation.
In a new interview with Scott Melker, Scaramucci stated that the Fed is on the verge of changing its hawkish policy. It, bitcoin important detail that will cause risk assets to rise.
He predicts the Fed will soon stop raising interest rates any further, as this will worsen the government’s own debt obligations. He also stated that the Fed may suspend interest rate hikes as inflation falls.
He added that if he is wrong, the economy will go into recession and people will invest in Bitcoin as the US dollar starts to depreciate.
Either way, he thinks now is the right time to accumulate BTC.
Best Time to Buy Bitcoin
“If you have $31 trillion in debt close to hitting the $34 trillion mark and your interest rates are rising, it’s impossible for the federal government to make sense of their budget by paying $1 trillion to $1.5 trillion in interest to all debt holders. So this is the first detail.
Second, I believe the Fed will declare victory. Inflation will fall thanks to technology. And they will start to lower interest rates or drive people to lower rates, which will blow up the market and Bitcoin.
The third point, which I think is the most important point, is that if I’m wrong about these two scenarios, it’s still a great time to buy Bitcoin. Because if we go into a recession and the dollar starts to weaken or people lose their confidence in the dollar, they will turn to Bitcoin.”
Scaramucci also reacted to comments from JPMorgan CEO Jamie Dimon, who is known for his anti-crypto views. In an interview with CNBC while attending the World Economic Forum in Davos, Switzerland, Dimon described Bitcoin as an “overrated fraud” and compared crypto to pet stones.
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Scaramucci says this criticism is bullish, as traditional financial institutions are threatened by crypto technology.