Scaramucci believes that BlackRock’s involvement can only mean that there is a noticeable institutional interest in Bitcoin. And that this will bring economic effects to the asset.
Anthony Scaramucci is founder and managing partner of Skybridge Capital. The expert believes that BlackRock’s Bitcoin Trust fund, among other developments, will contribute to a supply shock, with an exponential increase in demand for Bitcoin that will send its price soaring.
He added that the “future” is coming sooner than he thought and predicted that BTC will reach $300,000 per coin within a few years.
Focus on the long term, says Scaramucci
In an interview with CNBC on Friday, Scaramucci began by saying that he has seen a resurgence of investor interest in the cryptocurrency market. Given July’s higher-than-expected inflation numbers, he believes the global economy could return to its fourth-quarter 2019 status – strong economy, low unemployment and “benign inflation” – within 6 to 12 months.
“The market is starting to realize this”, he noted, adding that cryptocurrency markets are convinced that most of their risky leverage has been eliminated from the system. Companies like Three Arrows Capital were liquidated on several cryptocurrency-backed loans in June due to what billionaire Mike Novogratz called “inane” risk management across the industry.
“It’s just a reminder to investors not to give up, fight their own fear, stay patient and focus on the long term”, continued the investor.
On the short term, Scarmucci noted that many investors are negotiating the Ethereum upgrade – trying to price The Merge and the arrival of Ethereum 2.0 on proof-of-stake.
In addition to Bitcoin and Ethereum, which take up most of his exposure in the crypto ecosystem, Anthony also claimed to own Solana (SOL) and Algorand (SOMETHING).
In particular, he said that Skybdridge holds a small position in Algorand, which he praised for boasting “award-winning technology” that solves the blockchain trilemma – the challenge of achieving decentralization, security and scalability in a network.
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