Anthony Scaramucci, founder of SkyBridge Capital, believes the crypto market is finally finding its footing after a significant downturn. He recently shared his insights on Bloomberg Television.
The FTX Fallout and Regulatory Uncertainty
Scaramucci points to the FTX collapse in 2022 and the SEC’s regulatory approach as major contributors to crypto’s depressed prices. He argues that the SEC’s enforcement-heavy tactics and inconsistent regulations created uncertainty, hindering price discovery for Bitcoin, Ethereum, and Solana. He described the market’s state as “ridiculously depressed.”
A Brighter Outlook?
However, Scaramucci sees a shift on the horizon. With the anticipated departure of SEC Chair Gary Gensler and the incoming administration’s pro-crypto stance, he believes the market now anticipates fairer regulation. This newfound optimism, he suggests, is driving the search for fair market pricing in cryptocurrencies.
Bitcoin’s Potential
Scaramucci argues that Bitcoin’s current price is still low considering its potential. He compares Bitcoin not to a stock, but to an asset class, suggesting its market cap should be closer to that of gold. At the time of writing, Bitcoin was trading around $90,612.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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