Former White House Communications Director and founder of SkyBridge CapitalScaramucci remains bullish on crypto despite negative prices.
Anthony Scaramucci has remained bullish on cryptocurrencies despite the recent underperformance of the emerging assets.
In a CNBC interview today, the SkyBridge founder suggested that the price of crypto assets will rally again toward the end of the year.
“I think things are going to settle out. People are going to be surprised by the strength of the market going into the back half of the year and early 2023,” Scaramucci was quoted as saying.
The SkyBridge Capital founder is confident in his prediction for the emerging market based on past performance of crypto.
According to Scaramucci, crypto prices usually rally whenever there is positive news.
“Every time there’s a little bit of good news, the crypto market usually has a very strong rally. People get their faces ripped off when they least expect [crypto prices to surge],” he added.
"I think things are going to settle out. People are going to be surprised by the strength of the market," says @scaramucci. "Every time there's a little bit of good news, markets and #crypto have a very strong rally. People get their faces ripped off when they least expect it." pic.twitter.com/Gl885bj3kt
— Squawk Box (@SquawkCNBC) August 22, 2022
Scaramucci Remains Bullish on BTC, But…
Scaramucci has always been bullish about cryptocurrencies, especially Bitcoin. He has made favorable predictions for the world’s largest cryptocurrency by market capitalization on different occasions. Scaramucci speculated that the BTC price would hit $100,000 in the next two years in March.
Despite his favorable prediction for the asset class, Scaramucci still thinks BTC has not attained the maturity to be considered a potential inflation hedge.
“You just don’t have the wallet bandwidth with Bitcoin. It’s still an early adopting technical asset,” Scaramucci said.
"#Bitcoin is still not a mature enough asset to be regarded as a potential inflation hedge," says @scaramucci on $BTC. "You just don't have the wallet bandwidth with Bitcoin. It's still an early adopting technical asset." pic.twitter.com/YTsy6W3HGU
— Squawk Box (@SquawkCNBC) August 22, 2022
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