Former White House communications director Anthony Scaramucci believes that Bitcoin (BTC) has solid fundamentals that will drive demand in the future.
In a new interview with CNBC’s Fast Money Halftime Report, Scaramucci was asked to speculate on the general state of crypto.
“Well, look – there’s a couple of positives. Obviously, the negatives were a combination of fraud and excess leverage in the system while the Fed was raising rates, so those people got caught. And it caused, I think, a technical overselling of Bitcoin and Ethereum. The bounce that you’re seeing right now is a combination of fundamental buying and some short covering.”
The Skybridge Capital CEO says two factors spell an upcoming demand shock for the leading crypto by market cap, Bitcoin.
“Since we last spoke, two major things have happened on the institutional side. Number one: Fidelity is allowing for their 401(k) products to offer Bitcoin, Skybridge just switched over to that… And number two: last week, BlackRock said, in addition to teaming up with Coinbase on their Aladdin risk-management program, BlackRock said that they’re going to offer a private trust that will give their clients a chance to invest directly in Bitcoin.
So, to me, I think that these things that are happening right now are going to create a demand shock to Bitcoin. So there’s just not a lot of supply of Bitcoin out there, so I think we rally at the end of the year for Bitcoin, and I think people just get crazy during market violence if you will…”
At time of writing, the king crypto is going for $24,211.
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