The top digital asset in the crypto game, (BTC), has been below the $25,000 support line for quite some time now. Anthony Scaramucci, the founder of SkyBridge Capital, an established investment management company, believes that Bitcoin (BTC) is not fair.
“We think the true market cap for #bitcoin right now is around $40,000,” said Anthony Scaramucci, founder and managing partner of SkyBridge Capital.
— unusual_whales (@unusual_whales) August 3, 2022
Controversy has marred its influence
In a recent interview for MarketWatch, Scaramucci emphasized that the infamous demise of brokerage firm Voyager Digital, crypto lending platform Celsius, hedge fund Three Arrows Capital (3AC) and, of course, the staggering failure of Do Kwon’s (UST) & Terra (LUNA) set off a panic alarm among the crypto community .
In addition to that, 2022 has seen a gigantic amount of crypto being stolen, mostly through phishing exploits. Since all this happened, it’s no surprise that the crypto Fear & Greed Index has been largely on the side of extreme fear for some time. While Mr. Scaramucci is confident that Bitcoin (BTC) will bounce back from its trials and tribulations, the well-known investor doesn’t necessarily believe this will happen quickly. At the moment, “We believe that leverage has been blown out of the system”, Scaramucci concludes.
$17,500 was most likely the bottom for BTC
Furthermore, the founder of SkyBridge Capital said he does not believe “it will go below the lows reached for this cycle, which would be around $17,500”. When his company had to stop all withdrawals from Legion Strategies, Scaramucci revealed that he had to liquidate the private investments of the company to keep up with the harsh winds of the crypto winter.
Ultimately, the long-established investor paints a brighter picture for Bitcoin (BTC) going forward. According to SkyBridge’s analysis, which includes “fair market value metrics based on adoption, wallet size, use cases, growth of wallets, the fair market value of Bitcoin right now is around $40,000”.
Regardless, the top cryptocurrency is trading at $23,024.66 at press time, according to CoinGecko. Bitcoin (BTC) has bounced around the $23,000 support line for two straight weeks and lost 40% of its value since a year ago.
Bitcoin has already bottomed, has a real value of $40,000, says Anthony Scaramucci – MarketWatch https://t.co/gtnk8MHBAw
— Anthony Scaramucci (@Scaramucci) August 2, 2022
On the other side
- Other Bitcoin (BTC) investors believe the top coin could fall as low as $10,000
Read more about Terra Luna’s negative impact on the entire crypto industry
Read more about how Three Arrows Capital triggered a rapid spread of pollution
Read more about the lessons from the Celsius, Voyager and BlockFi cases
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