Bitcoin has repeatedly demonstrated its ability to recover from any type of storm, and as a result, Anthony Scaramucci, the former White House chief of communications and founder of Skybridge Capital, has stated that he is optimistic despite the bear market’s gloom and negativity.
Fears of a recession are spreading among investors before of this week’s key Federal Reserve meeting and in the aftermath of Friday’s dismal inflation figure.
According to the Consumer Price Index, inflation reached a 40-year high in May, prompting market experts to predict a rate hike of 50 basis points, rather than the current expectation of 75 basis points.
Scaramucci explained why he is still positive on Bitcoin and Ethereum in a recent appearance on CNBC’s Squawk Box.
Despite the fact that typical gloomy sentiment currently dominates cryptocurrency and general market headlines, “The Mooch” Scaramucci believes cryptocurrencies will recover from the “carnage” if market participants remain cautious.
Six weeks ago, BTC and the entire market were collapsing due to a historic interest rate hike and the collapse of the Terra network, as well as its LUNA and UST coins, which had lost their peg to the US dollar.
SkyBridge’s CEO also compared the current sell-off to the 2000 crisis of web1 companies, when virtually all internet company stocks plunged.
He recommended investors to show caution. Scaramucci and SkyBridge had purchased more Bitcoin and Ethereum in response to a question from host Andrew Dorkin about the phrase “buy the dip.”
Bitcoin has reached $23,000 in the last 24 hours, a big distance from its last barrier level of $30,000. The value of the whales’ crypto assets has plunged to levels not seen since 2020, as the entire market feels the devaluation of the leading coin.
Scaramucci is thrilled that bitcoin still accounts for more than half of the cryptocurrency market value, and he believes that Bitcoin will hit $100,000 within the next 12 to 24 months.
Scaramucci indicated that the current weak market has purchase opportunity and that investors should accumulate coins to avoid future disappointment.
The total market capitalization of all cryptocurrencies slipped below $1 trillion on Monday, after surpassing $3 trillion in November of last year, when bitcoin reached a record all-time high.
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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