The founder of investment firm SkyBridge Capital says that crypto assets are now looking for their fair market prices after going through a depression phase.
In a new interview with Bloomberg Television, hedge fund veteran and former White House Press Secretary Anthony Scaramucci says that digital asset prices have been depressed since the multibillion-dollar downfall of FTX in 2022.
According to Scaramucci, the U.S. Securities and Exchange Commission’s (SEC) approach to regulating the industry via enforcement was also a crucial factor in keeping crypto prices down.
“I think that the [crypto markets] have been ridiculously depressed, meaning you haven’t found price discovery in Bitcoin yet, or assets like Solana or Ethereum, primarily because of the debacle that took place in 2022 and then the requisite ridiculous regulation by enforcement, the capricious nature of the regulation, the various lawsuits that the SEC lost.”
However, he goes on to say that the markets now believe they will be fairly regulated since it has been reported that SEC Chair Gary Gensler will likely resign before President-elect Donald Trump takes office. With the incoming administration widely expected to be pro-crypto, Scaramucci says digital assets – including Bitcoin (BTC) – are now looking to carve out their fair market values.
“Now that the market can see that it’s going to be more fairly regulated, it’s searching for the right price for Bitcoin. And we’re still at a very low price for Bitcoin, frankly, in terms of what Bitcoin is to the world. You know, it’s not a stock, it’s an asset class and it should trade a lot closer to where the market capitalization is of gold.”
Bitcoin is trading for $90,612 at time of writing.
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