Anthony Scaramucci – the man behind Skybridge Capital and a former employee in the Trump administration – said in a recent interview that despite the recent crash, he’s confident bitcoin is in a good place.
Anthony Scaramucci on the State of BTC
He says bitcoin is going to experience a “demand shock” in the coming months, meaning everyone is going to want in again and the price of the asset could spike like nobody’s business. He’s confident the currency is going to make headwinds very soon, stating:
Everybody is a long-term investor until they have short term losses, but I think long term, the fundamentals are quite good.
He pointed to various things happening with institutions that he’s also confident will make bitcoin jump up the financial ladder very soon. He mentioned:
Two major things have happened on the institutional side. Fidelity is allowing their 401k products to offer bitcoin.
The news Scaramucci is referring to is that Fidelity Investments – easily one of the biggest names in retirement accounts and 401ks out there – said it was allowing individuals to put part of their retirement savings into crypto assets. This move has brought a lot of mainstream attention and legitimacy to the world of digital coins as of late, though it’s also made quite a few people mad or uncomfortable, Elizabeth Warren being the most notable example.
As a democrat senator of Massachusetts, Warren recently issued a letter to Fidelity asking executives why they were willing to take such a chance as to expose people during their final years to an asset that’s so speculative and clearly so attached to crime.
This wasn’t the only institutional factor that Scaramucci thinks will play a huge role in the further development of the crypto arena. He also pointed to the partnership between crypto exchange Coinbase and investing giant BlackRock, claiming that this was really going to get bitcoin and its virtual counterparts off the ground.
Blackrock said in addition to teaming up with Coinbase on their Aladdin risk management program… that they’re going to offer a private trust that will give their clients an opportunity to invest directly in bitcoin.
The program between the two entities is designed to allow BlackRock’s clients to gain easy access to digital assets like bitcoin. It’s an unusual time for BlackRock to be making such a decision given that the digital asset industry is crashing like nobody’s business, but the institution has stated that it’s simply giving into years-long demand from customers that they be permitted to add crypto to their portfolios.
He’s Excited About Ethereum’s Merge
Scaramucci was also excited about Ethereum’s upcoming Merge, saying:
Ethereum is about to merge and reduce their gas fees and transaction fees, and that’s one of the reasons why Ethereum is up about 70 plus percent.