Anthony Scaramucci, the founder of the hedge fund Skybridge Capital, is convinced that the future of the crypto markets will be rosy, which is why he advises investors to “look beyond the current crisis”.
The hedge fund manager comes to the corresponding forecast in a recent interview with CNBC, in which he refers, among other things, to the new cooperation between the crypto exchange Coinbase and the influential asset management BlackRock. So their new Bitcoin investment fund would be a very positive sign.
“Finally, BlackRock CEO Larry Fink notices the institutional demand for digital assets, otherwise he would hardly introduce such an investment product and cooperate with Coinbase.
“I remind you that there are only 21 million Bitcoin (BTC) in total, and there will be a shortage that will leave very little supply,” Scaramucci said.
Ethereum Merge as a driving force
The expert also sees the upcoming merger of Ethereum (ETH), which is scheduled for September 15, as an important event that could have a lasting impact on the price development of the second largest cryptocurrency.
For example, traders are currently increasingly buying the leading altcoin in order to be able to take the potential of switching to the proof-of-stake (PoS) consensus procedure with them, but Scaramucci sees the danger that investors will sell off quickly.
“Many traders are currently speculating on the hopes for the merge, and will probably sell again immediately when it is actually completed, but I would advise people not to do this, because this is actually a good long-term investment,” said the hedge fund manager.
Despite the ongoing bear market, some cryptocurrencies are now on the upswing again. For example, BTC was able to gain 20% last month and almost climb back up to $ 25,000, while ETH with a whopping increase of 62% is within reach of the important $ 2,000 mark.
In this context, Scaramucci underlines that he has already noticed an increased interest from investors with his company, and he also assumes that the global economy will be able to build on its strong performance from the fourth quarter of 2019 in 6 to 12 months.
Overall, the expert is therefore in a positive mood regarding the medium to long-term development of the crypto market, which is why he advises against reacting excessively panicky and emotionally to bad news and falling prices.