Anthony Scaramucci, CEO and Founder of SkyBridge Capital, sees the current price crash in the crypto market as buying opportunity and predicts Bitcoin at $100,000 over the next 12-24 months.
The crypto bull compared the current weather to the Internet bubble burst in 2000 and suggested the likes of Bitcoin will survive the winter, as did Amazon 22 years ago.
On Monday, Bitcoin sank 15% as the market sell-off intensified. Bitcoin’s price has fallen over 60% from last year’s highs of about $65,000 to around $22,000.
Scaramucci in an interview with CNBC said:
“I am encouraged by the fact that Bitcoin is above 50% of the overall crypto market cap right now, which is another sign that there’s a flight to quality there… I would recommend to people just stay disciplined”
Scarammuci cited the macroeconomic conditions, Terra’s UST de-pegging collapse, and Celsius Network’s move to halt crypto withdrawals as factors aiding the bear market. He also added it’s “impossible” to predict the bottom but believes “robust development” in the web3 space will continue.
The Skybridge Capital Founder revealed that his fund had continuously added Bitcoin and Ethereum to its overall portfolio in the past few weeks. However, Scaramucci cautioned on portfolio allocation and recommended appropriate sizing of 1-4%.