• Thu. May 23rd, 2024

SkyBridge Capital Buys more Bitcoin and Ethereum

Hassan Mehmood

ByHassan Mehmood

Jul 21, 2022

Anthony Scaramucci is one of the well-known figures in the financial markets. He has been persistently talking about the ongoing bear market trend in the cryptocurrency sector. During the latest interview with CNBC, he remarked that a significant number of crypto hedge funds will not be able to make it out of the ongoing carnage in the market.

However, recently he issued a new remark on the matter claiming that his firm SkyBridge Capital has been accumulating Bitcoin and Ethereum continuously regardless of the ongoing cascading trends. During an interview, he claimed that the current market situation resembles a lot of the 2000 March financial market when the internet stocks were crashing.

Recalling the catastrophic event of the dot-com bubble in 2000, Anthony Scaramucci claimed that at the time most internet stocks plummeted to near zero. However, he also pointed out that the companies like Amazon that was able to survive the doomsday event went on to become the biggest organizations in the world. He also maintained that the cryptocurrency investors should be ready for a little more turbulence before things start to get better.

Meanwhile, he also revealed his bullish position on Bitcoin claiming that the top coin has the potential to reach $100,000 in 12 to 24 months. During the interview, the former White House advisor mentioned that he is unable to tell the future with certainty. He explained that many banks rejected cryptocurrencies in 2018 and now they are working to integrate digital currencies like Ethereum into the main frame.

Crypto Revolution

Talking about the impact of cryptocurrencies, Scaramucci claimed that he rejects the idea that the cryptocurrency revolution can be turned down now. He claimed that there are several positive developments in the fundamentals that point towards an improving price action in the future. He also confirmed that his asset management firm has continued to acquire more Bitcoin and Ethereum.

At press time, Bitcoin prices have plunged to $21K. The price of the top coin has depreciated by 22% since the start of the week. On the other hand, the flagship crypto market value has inched away by 68% from its ATH in November last year. On the other hand, Ethereum has plunged to $1,212 per unit losing 19% since the start of the week.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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