Anthony Scaramucci, founder of SkyBridge Capital and former White House official, believes the crypto bear market is over.
He praised bitcoin as the best long-term investment tool and predicts its price could soar in the following months. In a recent interview with Yahoo Finance, Scaramucci advised investors to remain patient and disciplined, stating that this is the beginning of a new era for bitcoin and other cryptocurrencies. He believes that if one holds bitcoin in a four-year rolling interval, they will outperform every other asset class.
Time for a Market Surge?
“Bitcoin’s up around 70% on the year, and I don’t think it’s time to take chips off the table. If anything, I think this is the beginning of a new era for bitcoin and other cryptocurrencies, and we’ll remain patient, and we’ll remain disciplined through the approach that we have had for the last 20 years, which is to make a macro bet: sit patiently and take the heat from the pundits and the critics.”
Scaramucci also agrees with Cathie Wood’s prediction that bitcoin could skyrocket to $1 million by 2030. He thinks bitcoin is the best investment instrument for the long run and commented on the recent FUD surrounding Binance, hoping that nothing will happen to the world’s leading exchange.
The Bull Market Depends on the Inflation
Scaramucci believes that a price expansion of digital assets could happen once the Federal Reserve stops raising interest rates. The central bank lifted the benchmark last month to tackle the inflation rate in the US, which was around 6% Year-Over-Year in February. Scaramucci predicts that the aggressive policy will stop once inflation cools off to around 4-5%, and there will be a resurgence in the market, resulting in the rebirth of risk assets.
“I do believe that the Fed declares victory at 4% to 5% inflation. If I’m right, there will be a resurgence in the market. There’ll be a lot of short covering in crypto, and there’ll be a rebirth of risk assets.”