![\"Skybridge](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/08\/skybridge-300k-768x432.jpg\")
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Skybridge Capital is \u201cpretty optimistic\u201d about bitcoin and ethereum over the next 12 to 24 months. The global asset management firm\u2019s founder explained that the world\u2019s largest cryptocurrency could reach $300K in six years, urging investors to \u201cjust relax\u201d and \u201cstay long-term.\u201d<\/strong><\/p>\n Anthony Scaramucci, founder and managing partner at global asset management firm Skybridge Capital, shared his firm\u2019s outlook for bitcoin and ethereum in an interview with CNBC Friday.<\/p>\n Replying to a question about whether the crypto winter is over, he said: \u201cI want to caution people to see through the current environment,\u201d citing better-than-expected economic data<\/a> such as inflation and unemployment numbers released last week.<\/p>\n \u201cThe crypto market, it\u2019s our belief that most of the leverage is completely out of that system. So you are seeing a very strong recovery,\u201d the Skybridge founder described, elaborating:<\/p>\n It is a reminder to investors not to pull out, fight their own fear, stay patient and stay long-term.<\/p>\n<\/blockquote>\n \u201cWe hit pause. The pandemic created this havoc. We inducted a lot of money into the system that caused some inflation and obviously had the supply chain disruption. But you could very well get back to that fourth quarter 2019, which was a very strong economy \u2014 low unemployment and benign inflation. That\u2019s probably 6 to 12 months away. I think the market is starting to realize that,\u201d he detailed.<\/p>\n Skybridge\u2019s largest crypto positions are in bitcoin and ethereum, he noted, adding that the firm also likes solana and has \u201ca very large position\u201d on algorand.<\/p>\n Sharing his outlook for bitcoin specifically, Scaramucci described \u201cthe improvement of Lightning network, the increase in applications, and ease of transactions on bitcoin,\u201d noting:<\/p>\n You are going to see a lot more commercial activities there.<\/p>\n<\/blockquote>\n Meanwhile, \u201cYou have The Merge coming with Ethereum, which is going to lower the transaction fees on that network. A lot of traders are probably buying that rumor \u2026 They\u2019ll probably sell on the news of The Merge, which will happen in mid-September,\u201d he said. \u201cI would caution people not to do that. These are great long-term investments.\u201d<\/p>\n The Skybridge founder stressed:<\/p>\n In the next six years, if we are right, if bitcoin goes to $300,000 a coin, it will not matter whether you bought it at $20,000 or $60,000. It\u2019s really not going to matter.<\/p>\n<\/blockquote>\n \u201cAnd I am just cautioning people, the future is upon us. It\u2019s happening sooner than I thought,\u201d he continued.<\/p>\n Scaramucci then referenced Blackrock<\/a>, the world\u2019s largest asset manager, which recently launched a bitcoin private trust, citing \u201csignificant\u201d demand from some institutional investors. \u201cFinally, Larry Fink [the CEO of Blackrock] is seeing the institutional demand. Otherwise, he wouldn\u2019t be setting up those products and teaming up with Coinbase<\/a>,\u201d the Skybridge founder opined. \u201cWhen this stuff happens, I want to remind people that there\u2019s only 21 million bitcoins out there, and you will have a demand shock with very little supply.\u201d<\/p>\n Earlier this month, Scaramucci said<\/a> that bitcoin\u2019s fair market value is $40K and ethereum\u2019s is $2,800. In March, he doubled down<\/a> on his firm\u2019s predictions that bitcoin would reach $100K by the end of this year and $500K long-term.<\/p>\n Scaramucci is discouraging people from investing based on emotion, noting that the message he is trying to send investors is \u201csee through this.\u201d<\/p>\n \u201cIf you are out of the market for the 10 best days, you reduce your return from like a 7.5% return to a 2% return. That is the overall stock market,\u201d he said. \u201cThere\u2019s a lot of short-term people, a lot of research departments, and different wirehouses that have knee-jerk reactions to things and get overly emotional.\u201d<\/p>\n While emphasizing, \u201cWe are trying to tell people, just relax, see through this,\u201d Scaramucci remarked:<\/p>\n We see a pretty optimistic scenario for bitcoin, ethereum, solana, and algorand over the next 12 to 24 months.<\/p>\n<\/blockquote>\nSkybridge Optimistic About Bitcoin and Ethereum<\/h2>\n
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