Scaramucci Views Bitcoin Price as Reflective of 2022 Valuation Expectations
Anthony Scaramucci of SkyBridge Capital claims Bitcoin’s current price near $98,000 reflects the valuation it should have had in 2022, attributing this to regulatory delays. He expects upcoming catalysts, including institutional investments and potential U.S. strategic reserves, to bolster Bitcoin’s recovery. Scaramucci highlights the evolving landscape of cryptocurrency regulation as an advantage for the market.
In a recent appearance on CNBC’s ‘Squawk Box,’ Anthony Scaramucci, founder and managing partner of SkyBridge Capital, expressed his views on Bitcoin’s current valuation. He indicated that Bitcoin, trading around $98,000, represents the price level it should have reached in 2022. Scaramucci attributed this valuation to the anticipated approval of a Bitcoin spot exchange-traded fund (ETF) initially expected in early 2022, suggesting that its delay led to significant price damage and prolonged weakness throughout that year.
Scaramucci also mentioned that, despite the recent price fluctuations, the current U.S. administration’s approach to cryptocurrency regulation is beneficial. He noted that the existing regulatory environment is characterized by balanced and reasonable measures, which could support crypto market recovery. He pointed out several developments that could act as catalysts for Bitcoin’s resurgence, including increased stakeholder interest from university endowments.
Further, he highlighted the recent stake by Emory University in the Grayscale Bitcoin ETF as indicative of a growing institutional interest in cryptocurrencies. Additionally, discussions are underway at the University of Austin regarding the establishment of a Bitcoin investment fund. Scaramucci suggested that the creation of a Bitcoin strategic reserve fund in the U.S. may be on the horizon, emphasizing Bitcoin’s potential to become a critical asset in national holdings.
Furthermore, Scaramucci remarked on the discreet accumulation of cryptocurrencies by sovereign wealth funds in the Middle East. He stated that these developments reflect the growing acceptance and recognition of Bitcoin as an asset class that ought to be retained as part of a diversified investment portfolio.
In conclusion, Anthony Scaramucci’s insights provide a compelling perspective on Bitcoin’s current valuation and its potential trajectory. By acknowledging the significant impacts of regulatory delays and the recent institutional interest in cryptocurrency, he underscores a constructive outlook for the digital asset market. Encouragingly, avenues for recovery appear promising as both private and sovereign investors express increasing confidence in Bitcoin as a strategic asset.
Original Source: crypto.news
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