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Scaramucci: Bitcoin’s true value is $40,000
Scaramucci: Bitcoin’s true value is $40,000
Bitcoin

Scaramucci: Bitcoin’s true value is $40,000

By Marco Cavicchioli - 3 Aug 2022

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Anthony Scaramucci argues that Bitcoin’s price this year has already bottomed out in June, and that its current fair value would be $40,000. 

Bitcoin’s fair value according to Anthony Scaramucci

He revealed this during an interview with MarketWatch yesterday. 

Scaramucci is the founder of SkyBridge Capital, and last year he said that in some ways Bitcoin should be considered better than even gold

Yesterday he stated that the worst of the current crypto bear market should be over, because many leveraged positions would have been wiped out of the system. 

Therefore he believes that although a decline from current levels is still possible, it is unlikely to fall below the low reached in this cycle of about $17,500. 

If anything, according to SkyBridge‘s analysis, the current fair value would be $40,000, analyzing various metrics on adoption, wallet size, use cases, and wallet growth

As for ETH (Ethereum), the fair value calculated by SkyBridge would be $2,800.

These are 74% and 75% higher than current values, respectively. 

Scaramucci also stated that SkyBridge continues to buy BTC and ETH because of the incremental liquidity entering their funds, as they consider them fundamentally undervalued and technically oversold. 

However, he also reported that they do not expect the price of BTC to go up immediately because of macroeconomic uncertainties. According to Scaramucci, the time horizon to consider for these investments would be four to five years. 

At the macro level, Scaramucci believes that inflation will soon begin to decline. Indeed, he said that the second half of the year may surprise in this regard because a slowdown in consumption in the US is already underway. 

Recession, inflation and the price of Bitcoin

At this point, there will probably be a recession for all intents and purposes, but it may be shallow and not deep thanks to the huge amount of people’s savings and more jobs available than are being sought. 

So, the overall picture is not rosy in the short term, but it should clear up already in the medium term. Over the long term, he remains bullish on Bitcoin, although it may take some time before we see a real recovery in price

It is worth noting that, even during the previous two post-halving bear markets, it took about two years for the price to really recover, and it is possible that Scaramucci also has this factor in mind as a significant element for his thoughts on the matter

So far Bitcoin’s cycles have always repeated themselves, albeit in different proportions, and for now, there seems to be nothing to prevent them from continuing to do so, at least in the short term. 

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

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