SkyBridge Capital founder and co-managing partner Anthony Scaramucci says altcoins like Ethereum (ETH), Cardano (ADA), and Algorand (ALGO) will likely continue to grow because of their clear utility.
In a new interview on CNBC, the investment veteran says that despite the sharp correction that crypto markets experienced on the same day that El Salvador officially adopted BTC as legal tender, he still sees an overall bullish macro picture for the digital asset space.
“It felt like it was peaking as a result of the El Salvador news, there was a lot of leverage in the system, and a lot of leverage blew out… over the last 48 hours. Having said that, the demand and the fundamentals for things like Bitcoin continue to improve. Every day you hear new stories about more wallets, more activity, more potentiality of an ETF (exchange-traded fund) – at least a Bitcoin futures ETF – and so I’m still quite optimistic for year-end…”
Beyond Bitcoin, Scaramucci also names Ethereum, Cardano, and payments-focused blockchain Algorand as coins he expects to rise based on what he sees as “great use cases.”
“There’s a lot of great stuff happening in this space… As more digital applications happen, some of those altcoins, stuff like Algorand or Cardano, or things like Ethereum, will continue to rise because there’s actually great use cases for them.”
Earlier in the year, Scaramucci said that while he’s mostly focused on Bitcoin, he still thought Ethereum could be on its way to becoming a “store-of-value” asset.
“I think there’s a very big market for Ethereum and I predict that Ethereum has good fundamentals and will grow, but I’m in an institutionalist sort of business. I think like an institutionalist, and I’ve got to get my clients thinking about cryptocurrency and digital assets. So as a first step, I’m focused on Bitcoin and we only have now a Bitcoin fund…
Could we have an Ethereum fund in the future? Yes, we certainly could. Everything that you’re saying is true with the non-fungible tokens, and the technology around Ethereum is going to make it a sticky cryptocurrency and a store of value and something that people will transact with.”
“It felt like it was peaking as a result of the El Salvador news. There was a lot of leverage in the system and a lot of leverage blew out of the system over the last 48 hours. Having said that the demand and fundamentals continue to improve,” @Scaramucci on #crypto #btc. pic.twitter.com/n4IwqI2Y7N
— Squawk Box (@SquawkCNBC) September 8, 2021
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