Anthony Scaramucci, CEO of Skybridge Capital, told Bloomberg on May 17 that Bitcoin has a higher value than its current price. Scaramucci said that the past year has been a tough time for the Bitcoin and cryptocurrency markets, but he stressed that this is not a failure story as the media wanted it to be. Here are the details.
Scaramucci said in a new statement that the crypto market is “moving downward” after last year’s FTX crash. Scaramucci claimed that the current value of Bitcoin (BTC) is approximately $40,000. This statement shows that despite the volatility in Bitcoin’s price and the volatility of the cryptocurrency market in the past, Scaramucci sees the potential and value of Bitcoin as high.
“A lot has happened in the last year. You’re talking about the Sam Bankman-Fried thing. It was as if John Meriwether and Bernie Madoff had a baby, it was Sam Bankman-Fried.
That story has everything. There is fraud, there is excessive leverage, there is overconfidence. And this really caused a great depression in the markets. (…) That’s why we think Bitcoin is intrinsically worth about $40,000.”
Besides, the famous CEO argues that if Bitcoin adoption level doubles from the current level, the leading crypto asset will record “explosive returns”.
“Currently, considering the number of wallets, it is possible to say that Bitcoin is at the level of 1998 when the internet was established. We will see explosive returns in Bitcoin as global adoption rises from 4% to 8%. People just need to be patient.”
As a global investment company, Skybridge Capital has increased its interest in Bitcoin and other digital assets. Scaramucci has previously stated that he believes in the future of cryptocurrencies and announced that Skybridge Capital is investing in Bitcoin.
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