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Bitcoin Bottomed In This Cycle, Says Anthony Scaramucci

Anthony Scaramucci found bitcoin’s “fair market value” to be $40,000, while ether should be $2,800.

SkyBridge Capital founder Anthony Scaramucci doesn’t expect bitcoin’s value to drop below the $17,500 registered price in June. He also thinks the asset’s “fair value” should be $40,000, or nearly double the current level.

However, the executive thinks that the price increase of BTC will not happen overnight because of the financial turmoil that is dominating the globe. As a result, it could take up to 5 years for the leading cryptocurrency to regain its footing.

BTC ‘Fair Value’ is $40,000, ETH – $2,800

It can be said that bitcoin has been in a state of collapse for the past several months considering its impressive performance last year. In fact, its current valuation of around $23,500 is about 66% below its all-time high of nearly $70,000 registered in November 2021. Moreover, at some point in the month. 6, its price dropped to $17,500, causing panic and uncertainty among investors.

However, according to Anthony Scaramucci, the worst of the bear market is over. He declared:

We believe the leverage has been blown out of the system. Maybe bitcoin will slide, but I don’t think it will fall below the lows reached this cycle, around $17,500.

Scaramucci further argued that based on “acceptance, wallet size, use cases, and wallet evolution,” bitcoin’s “fair market value” is currently around $40,000. Ether, on the other hand, should be worth around $2,800. However, the head of SkyBridge Capital described the volatility of the crypto market as an obstacle that could stand in the way of the next bull run:

Again, these are volatile assets. I guess the point here is that people need to have a four to five year view of these properties.

Cryptocurrencies are a long-term investment

Scaramucci has been an outspoken advocate of the digital asset industry for many years now. It is worth noting, however, that in many of his appearances, he has warned consumers to view bitcoin and altcoins as an investment strategy that can pay off for them in the long run.

Last month, he reiterated his stance, admitting that betting on BTC in the short term was a mistake. As a result of the massive exposure, his company lost a significant amount of money during the crypto winter.

I have no regrets… For me, the short term is a mistake but remember; Everyone is a long-term investor until they suffer a short-term loss. So I want to measure bitcoin investment over a four year period. I think if you held bitcoin for a rotating four-year cycle, you made money,” Scaramucci said at the time.

Last year, the executive gave another tip to crypto investors, advising them to distribute no more than 5% of their total savings in the asset class. Therefore, they can still enjoy solid profits in the event of a price increase, while the loss will be negligible if the valuation is south.