Scaramucci Is Confident That “We’re Through The Bear Market”

Key Points:

• Anthony Scaramucci thinks “we’re through the bear market” after Bitcoin’s excellent start to 2023.
• Scaramucci felt confident in his firm’s investment, despite the fact that it was just an estimate.
• He also voiced his optimism for the top cryptocurrency by market cap ahead of the next halving cycle.

With Bitcoin currently trading at $28,000, SkyBridge Capital founder and Managing Partner Anthony Scaramucci have an optimistic view that the bear market is over.

Bitcoin has risen considerably from its December lows; the digital asset is up about 70% for the year, and crypto investors believe it will continue to rise.

Scaramucci remarked in an April 6 interview with Yahoo Finance’s Jared Blikre and Brad Smith on the Bitcoin in SkyBridge’s portfolio:

“I would guess right now that we’re through the bear market.”

Although it’s just a guess, Scaramucci is confident in his company’s investment, noting that we should choose to hold Bitcoin at the right time. He said:

“But any time that you’ve held Bitcoin in a four-year rolling interval, so you pick the day, hold it for four years, you’ve outperformed every other asset class.”

Scaramacci also stated his optimism for the top cryptocurrency by market cap ahead of the next halving cycle, which is scheduled for early March 2024.

With the demise of crypto-friendly banks like Silvergate, Silicon Valley, and Signature Bank, US-based crypto institutions are struggling to find banking partners and liquidity, and there are worries that the US is establishing a policy forbidding banks from working with crypto.

Right now, crypto companies in the US, such as Coinbase and Binance.US are facing strict supervision from the authorities.

Jared Blikre mentioned the Binance event and asked if the market was affected by this company. Scaramucci replied that the factors that adversely affect the market, like Binance or FTX, are only temporary.

“I think it’s worth mentioning Binance. It is a super-important centralized exchange in our industry. If something happens to Binance, I think there will be a short-term hit.

We were talking about FTX at the opening of the show. You guys know I had a relationship there with Sam Bankman-Fried. When FTX went down, it hurt the crypto market. But it was a temporary hurt to the market. I think Bitcoin got to 16,000. It’s now well through where it was on the announcement of that debacle.”

Currently, Bitcoin is still hesitant at the price of $28,000, while investors are still waiting for signals to trade.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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