Bitcoin Undervalued, Explosive Returns Await with Adoption Surge, According to SkyBridge Capital CEO
According to Anthony Scaramucci, the CEO of hedge fund SkyBridge Capital, Bitcoin (BTC) is currently undervalued.
In a recent Bloomberg interview, Scaramucci stated that the crypto market experienced a significant downturn after the FTX controversy last year.
Scaramucci believes that Bitcoin’s current value should be around $40,000, approximately 46% higher than its current level. He compared the situation to a combination of John Meriwether and Bernie Madoff, referring to the fraud, over-leverage, and excessive confidence displayed by Sam Bankman-Fried.
Last year’s events caused a significant market depression, leading Scaramucci to believe that the market has overshot to the downside. Bitcoin is trading at $27,372, showing a 6% increase from its May low of approximately $25,811.
Scaramucci suggests that if the adoption rate of Bitcoin doubles from its current level, the leading cryptocurrency will experience explosive returns.
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He notes the growth in minor activity and wallet expansion, with Bitcoin’s global absorption currently at 4%, equivalent to around 340 million wallets. Scaramucci compared this to the state of the internet in 1998.
To see substantial returns, Bitcoin’s adoption rate needs to increase from 4% to 8%, and Scaramucci encourages patience in this process.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
