SkyBridge Capital chief executive Anthony Scaramucci still believes that Bitcoin may reach $100,000 by the end of the year. Besides, he reckons that such coins as Cardano’s ADA and Ethereum will continue to rise.
Scaramucci on the Bitcoin sharp drop, still believes in $100,000
Scaramucci has taken part in a recent Squawk Box show and told the host Andrew Ross Sorkin about his take on the recent Bitcoin’s massive fall when dumped by around $5,500 within just two hours.
The head of the asset managing fund believes that Bitcoin was likely going up quickly on the news of El Salvador announcing it a legal tender and buying the 400 BTC. Still, he said, there was a lot of leverage in the market at that time and in the past forty-eight hours it all blew out. Therefore, the flagship crypto fell sharply.
However, Scaramucci is certain that the demand for Bitcoin and its fundamentals keep getting better. In particular, he mentioned a lot of positive news on BTC that emerge nearly every day – new wallets, higher activity on the network, high chances of Bitcoin futures ETF approval by the SEC, etc.
Despite the price drop to the $29,000 area, he still believes that Bitcoin may reach $100,000 by the year’s end.
“It felt like it was peaking as a result of the El Salvador news. There was a lot of leverage in the system and a lot of leverage blew out of the system over the last 48 hours. Having said that the demand and fundamentals continue to improve,” @Scaramucci on #crypto #btc. pic.twitter.com/n4IwqI2Y7N
— Squawk Box (@SquawkCNBC) September 8, 2021
Positive expectations on Ether and ADA
Scaramucci also mentioned that at the moment a lot of great things are happening in the crypto space. In particular, more and more dapps are being launched. Thus, he added, things like Algo, Cardano and Ethereum are going to keep rising, since there are a lot of use-cases for them now and in long-term prospect.