Bitcoin has been doing quite well over the past few weeks. The currency has already jumped up by about $5,000 since the end of 2022, which will likely go down as one of the most disastrous periods for the world’s number one digital currency by market cap. The asset is proving doubters wrong once more and appears to be enjoying something of a rally. Despite all this, Anthony Scaramucci – a crypto bull and the man behind Sky Bridge Capital – says it might be a few years before the asset jumps beyond $50,000 again.
Anthony Scaramucci: This Will Be a “Recovery Year” Only
While it’s so easy to say that these last few weeks are proof of what will allegedly be a “booster year,” Scaramucci differs and claims that 2023 will be something of a “recovery year,” in which crypto takes some time to heal its wounds and bring itself back up from what was a terrible disaster that took place over the last 12 months.
He believes 2023 will be a time in which bitcoin is set up to enjoy a rally that will take it between $50,000 and $100,000, though this isn’t likely to happen right away. Instead, traders and crypto fans alike should expect to see such results within a few years at the earliest. While at a conference in Switzerland, he commented:
You are taking on risk, but you’re also believing in adoption. So, if we get the adoption right – and I believe we will – this could easily be a $50,000 to $100,000 asset over the next two to three years.
One of the big things that brought crypto down in 2022 was the fall of FTX, a once prominent crypto exchange that was considered the golden child of the industry. Run by Sam Bankman-Fried, a 30-something-year-old executive, the company rose to fruition within three years to become one of the top five crypto exchanges in the world.
But this reputation didn’t last as in November of last year, Sam Bankman-Fried alleged his company was experiencing a liquidity crunch and needed cash fast. He approached his rival Binance, a larger crypto exchange, to see if it would be interested in purchasing his firm, though the answer was a quick “no,” as Binance took one look at FTX’s issues and decided they were too big to handle.
FTX Really Screwed Things Up
From there, the company fell into a heap of bankruptcy and fraud after it was alleged that SBF used customer funds to pay off loans and invest in Bahamian real estate. He was later arrested and extradited to the US. He is presently awaiting trial at his parents’ California home.
Not long ago, Scaramucci commented that he regretted being associated with Sam Bankman-Fried and that the former executive was guilty of “fraud” and “betrayal.”
