SkyBridge Capital founder Anthony Scaramucci tells crypto investors to avoid knee-jerk reactions as he predicts a huge price tag for Bitcoin (BTC) in the coming years.
In a new interview with CNBC, the hedge fund veteran cautions investors to “see through the current environment” and resist emotion-based trading.
[adinserter block="1"]“You’re getting better-than-expected inflation data… I was just looking at the fourth quarter [of] 2019 – GDP numbers, the inflation and unemployment numbers.
And if you just stop and think about it, we hit pause, the pandemic created this havoc, we inducted a lot of money into the system that caused some inflation, and obviously you had the supply chain disruption. But you could very well get back to that fourth quarter of 2019, which was a very strong economy, low unemployment, and benign inflation – that’s probably six to 12 months away, and I think the market’s starting to realize that. The crypto market, obviously, it is our belief that most of the leverage is completely out of that system.”
Scaramucci notes his firm has its largest positions in Bitcoin and Ethereum (ETH), plus significant positions in ETH competitors Algorand (ALGO) and Solana (SOL).
“We think the improving Lightning Network, the increase in applications and the ease of transactions on Bitcoin – you’re going to see a lot more commercial activity there. And of course, you have The Merge coming with Ethereum, which is going to lower the transaction fees on that network. A lot of traders are probably buying that rumor.”
According to Scaramucci, his firm is predicting a Bitcoin price of $300,000 in the next six years.
“If you’re out of the market for the ten best days, you’ve reduced your return from a 7.5% return to a 2% return… I don’t want us to start herking and jerking the portfolio based on emotion. Again, we’re up 45% since we last spoke. We did nothing but hold the positions and stick to our discipline. I think that’s the message I’m trying to send to investors…
I tell people, ‘Just relax. See through this.’ We see a pretty optimistic scenario for Bitcoin, Ethereum, Solana and Algorand over the next 12 to 24 months.”
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