Anthony Scaramucci, SkyBridge Capital’s Founder, did not expect that bitcoin’s valuation would tumble below the $17,500 June price tag, which had already caused panic and unsettled investors.
He also maintained that the asset’s “fair value” should be $40,000, or nearly twice the current level. Now he believes it would take up to 5 years for the leading cryptocurrency to get back on its feet.
Bitcoin has been in a state of knockdown during the past months considering its impressive performance last year. In fact, its current valuation of approximately $23,500 is around 66% less than the $70K high registered in November 2021.
Anthony Scaramucci thinks BTC’s worst bear market is over; even if it drops, it cannot fall below the $17.5K level. He said,
“We believe that the leverage has been blown out of the system. It’s possible for bitcoin to slide, but I don’t think it’s going below the low that was reached for this cycle, which should be at around $17,500.”
He further said that “Again, these are volatile assets. I guess what’s at issue here is people need to take a four to five years view of these assets.”
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