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Anthony Scaramucci of Skybridge Capital says he’s never been more bullish on bitcoin as he is now.
Scaramucci Has Good Reason to Love BTC
In many ways, his words make sense, and Scaramucci has a big, giant reason to be bullish. After all, the world’s number one digital currency by market cap recently hit $30K for the first time in about 11 months, and 2023 appears to be directing bitcoin on a healing path that’s likely to reverse all the damage done during the previous year, which was arguably the worst on record for BTC.
In a recent discussion, Scaramucci commented that bitcoin has been enduring some hardcore boom-bust cycles in which it goes up quite high then crashes down very low. He says this all coincides with the halving process, and how interesting (and coincidental, in many ways) bitcoin is going to endure another halving event next year in 2024.
He also says that the mainstream media has been giving bitcoin and crypto a lot more attention as of late. He commented that this is likely leading to a lot of the rising and falling we’re seeing in the BTC cycles. In addition, he says bitcoin wallets have never been available on such a large scale.
This, in turn, has led to a bit of an issue in that many fraud schemes have emerged in recent months and years, something that he feels has brought down the reputation and the legitimacy of the space. He commented:
What happened almost right on time is the intersection of fraud and over-leverage, which always happens in the age of new technology… The technology that we have now can create a bee swarm.
He says that there have been many elements leading up to the present anti-crypto stance taken by Gary Gensler, who heads the Securities and Exchange Commission (SEC). Among them are the many crypto companies collapsing in America such as FTX, Celsius, and Block Fi.
Despite this, however, he’s convinced bitcoin is an “incredibly sturdy” and “anti-fragile asset class,” and he believes the currency is going to end the year in the $40,000 or $50,000 price range.
Some Things Remain in the Way
He further said that there are individuals out there that are going to do everything they can to bring bitcoin down. Among them are people like Charlie Munger – Warren Buffett’s right hand man – and Jamie Dimon, who’s the head of JPMorgan, arguably one of the biggest financial institutions in the world. Speaking about the latter, Scaramucci said:
Jamie Dimon is probably the smartest person in financial services history since the original J.P. Morgan, and there’s no way if you got him unplugged and you got him with truth serum in him that he would say to you that bitcoin is a decentralized bedrock.