SkyBridge CEO says bitcoin is undervalued
Anthony Scaramucci believes that if the level of BTC adoption doubles, the digital asset will show “explosive returns”
19.05.2023 - 14:05
224
1 min
0
The CEO of hedge fund SkyBridge Capital Anthony Scaramucci believes that Bitcoin (BTC) is currently undervalued.
Scaramucci says in a new Bloomberg interview that the crypto market is “overshot to the downside” after the FTX debacle last year.
According to the SkyBridge Capital CEO, Bitcoin should be currently worth approximately $40,000 – about 46% lower than the current level.
“A lot of things happened last year. You’re mentioning the Sam Bankman-Fried thing. It was almost like if John Meriwether and Bernie Madoff had a baby, it was Sam Bankman-Fried.
You got everything in that story. You got fraud, you got over-leverage, you’ve got excess confidence. And it caused a really big depression in the markets.
And the market is probably overshot to the downside. And so we think intrinsically Bitcoin’s worth about $40,000.”
Bitcoin is trading at $27,372 at time of writing, up by about 6% from the May low of around $25,811.
Scaramucci says that if the level of Bitcoin adoption doubles from the current level, the flagship crypto asset will record “explosive returns.”
“What we do see is better minor activity, we see wallet expansion… you have 4% global absorption for Bitcoin, about 340 million wallets. That’s roughly where the internet was in 1998.
We just have to get from 4% to 8% and you’ll see explosive returns in Bitcoin. So I want people to be patient.”
This material is taken from the website https://dailyhodl.com.
Useful material?
Market
Analysts note that from 2024 to 2030, tokens worth $155 billion will be unlocked
May 17, 2024
Technologies
The new mechanism has already made it possible to calculate over tens of millions of fraudulent addresses
May 16, 2024
Incidents
The amount of damage amounted to $25 million in cryptocurrencies
May 16, 2024
Market
FTX customers will be compensated in cash, unlike Mt. Gox and Gemini customers who will receive cryptocurrencies
May 16, 2024
Technologies
It is available to crypto wallet users worldwide as an additional feature
May 15, 2024
Market
The ex-official known for his initiatives to explore the potential of blockchain in the financial system has joined the board of directors of a fintech company
May 14, 2024