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The founder of Skybridge Capital says the fair market value of Bitcoin is around $40,000 based on adoption, wallet size, use cases and wallet growth. The asset manager also estimates the fair market value of Ethereum at around $2,800.
Anthony Scaramucci, founder and managing partner of global wealth management firm SkyBridge Capital, shared his firm’s predictions for Bitcoin’s fair market value (Bitcoin) and ether (ethereum) in an interview with Marketwatch published Tuesday.
He believes the worst of the crypto bear market is over and Bitcoin has already hit bottom. His comments followed bankruptcy filings by a number of cryptocurrency companies, including: Celsius network When voyager digital.
We believe leverage has been blown out of the system, Scaramucci said.while recognizing that Bitcoin He stressed that it could still go down.
The founder of Skybridge Capital further said:
According to fair market value metrics based on adoption, wallet size, use cases, and wallet growth, we believe the current fair market value of Bitcoin is around $40,000.
He added that the fair market value of Ether is around $2,800.
At the time of writing, Bitcoin is trading at $23,167.48, up 14% over the past 30 days. Ether is up 43% over the past 30 days, trading at $1,650.88.
Scaramucci doesn’t believe Bitcoin’s price will go straight up due to macroeconomic uncertainty. Again, these are volatile assets. I think the issue here is that people need to look at these assets in a 4-5 year perspective, he said. warned.
Executive said:
We are net buyers on margin and as funds grow we will become net buyers of these two assets.
Last month, Skybridge Capital Suspended redemption Invested in Legion Strategies Fund after stocks and cryptocurrencies plummeted. About 20% of the fund was in personal investments and about 18% in crypto-related investments. Bitcoin There are also private investments in digital asset companies such as cryptocurrency exchange FTX, he detailed.
Scaramucci added that the move was necessary to maintain the fund’s composition after investment bank Morgan Stanley recommended selling the fund, and confirmed that withdrawals were still suspended.
Private investment cannot be too high, emphasized the Skybridge founder. “We can’t just let everyone go now until there is proper fairness and balance in the fund,” he said, revealing that the fund is now selling some of its private investments. Once we get liquidity on these investments, we’re letting go of whoever wants to.”
Scaramucci has been around for a long time, he expect Bitcoin price will reach $100,000 this year and $500,000 in the long term. If you zoom out and look at the long-term charts and look at the adoption story, will Bitcoin hit $500,000 per coin? I believe it will, he said in March. rice field. he in june advised Investors should buy quality, be unleveraged, and be disciplined. He pointed out that many coins will be wiped out.
The second half of the year will surprise people because consumption is already slowing, said a Skybridge executive of the U.S. economy. he said:
People have huge amounts of savings that can lead to a shallow recession, but not a deep recession. And there are more jobs than people looking for them.
What do you think of Skybridge Capital’s forecast? Let us know in the comments section below.
image credit: Shutterstock, Pixabay, Wiki Commons
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