![\"Skybridge](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/08\/scaramucci-768x432.jpg\")
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Skybridge Capital\u2019s founder says bitcoin\u2019s fair market value is about $40,000 based on adoption, wallet size, use cases, and growth of wallets. The asset management firm also estimated ethereum\u2019s fair market value at around $2,800. Anthony Scaramucci, founder and managing partner at global asset management firm Skybridge Capital, shared his firm\u2019s predictions on the fair market values of bitcoin (BTC<\/a>) and ether (ETH<\/a>) in an interview with Marketwatch, published Tuesday.<\/p>\n He believes that the worst of the crypto bear market has passed and bitcoin has already bottomed. His comments followed bankruptcy filings by a number of crypto firms, including Celsius Network<\/a> and Voyager Digital<\/a>.<\/p>\n \u201cWe believe that the leverage has been blown out of the system,\u201d Scaramucci said. While recognizing that BTC<\/a> could still slide, he emphasized: \u201cI don\u2019t think it\u2019s going below the low that was reached for this cycle, which would be at around $17,500.\u201d<\/p>\n The Skybridge Capital founder further shared:<\/p>\n According to our fair market value metrics based on adoption, wallet size, use cases, growth of wallets, we think the fair market value for bitcoin right now is about $40,000.<\/p>\n<\/blockquote>\n He added that ether\u2019s fair market value stands at around $2,800.<\/p>\n At the time of writing, bitcoin is trading at $23,167.48, up 14% in the past 30 days. Ether is trading at $1,650.88, up 43% in the last 30 days.<\/p>\n Scaramucci does not expect the price of bitcoin to go straight up due to macroeconomic uncertainties. \u201cAgain, these are volatile assets. I guess what\u2019s at issue here is people need to take a four to five years view of these assets,\u201d he cautioned.<\/p>\n The executive noted:<\/p>\n We on the margin are net buyers, as incremental cash comes into our funds we\u2019re net buyers of those two assets, because we think that they\u2019re fundamentally undervalued and technically oversold.<\/p>\n<\/blockquote>\n Last month, Skybridge Capital suspended redemptions<\/a> in its Legion Strategies fund after sharp declines in stocks and cryptocurrencies. About 20% of the fund was in private investments and about 18% was in crypto-related investments, including BTC<\/a> and private investments in digital asset firms such as crypto exchange FTX, he detailed.<\/p>\n Scaramucci confirmed that withdrawals are still halted, adding that the move was necessary to keep the fund\u2019s composition intact after investment bank Morgan Stanley put a sell recommendation on the fund.<\/p>\n \u201cI can\u2019t have the private investments go too high,\u201d the Skybridge founder stressed. \u201cI can\u2019t let everybody out right at this second until I can have appropriate fairness and balance in the fund.\u201d He revealed that the fund is currently selling some of its private investments, noting: \u201cOnce we get liquid on those investments, we will then let whoever wants to get out.\u201d<\/p>\n Scaramucci has long been saying that he expects<\/a> the price of bitcoin to reach $100K this year and $500K long-term. \u201cIf you\u2019re willing to zoom out and look at the long-term chart and look at the adoption story, could bitcoin get to half a million dollars a coin? I believe it will,\u201d he said in March. In June, he advised<\/a> investors to \u201cbuy quality and be unlevered, and stay disciplined.\u201d He noted that a lot of coins will get wiped out.<\/p>\n Commenting on the U.S. economy, the Skybridge executive said, \u201cI think the second half of the year is going to surprise people because there\u2019s already a slowdown in consumption.\u201d He opined:<\/p>\n There will likely be a shallow, but not a deep recession because people have a tremendous amount of savings. And there are more jobs available than people looking for them.<\/p>\n<\/blockquote>\n
<\/strong><\/p>\nSkybridge Capital on the Fair Values of Bitcoin and Ethereum<\/h2>\n
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