Bitcoin Has Already Bottomed And Its Fair Value Is 40K Skybridge S Scarramucci Suggests

One of them is Anthony Scaramucci, the founder and managing partner at investment management company SkyBridge Capital, who believes that the worst of the crypto bear market is now over, as he told MarketWatch’s Frances Yue in an interview published on August 2. SkyBridge’s founder and managing partner voiced his opinion that it was possible for Bitcoin to decline but “I don’t think it’s going below the low that was reached for this cycle, which would be at around $17,500,” he said, further adding that:

Scaramucci’s believes leverage has been ‘blown out’

With the widely publicized collapse of the Terra (LUNA) ecosystem, the cryptocurrency-focused lender Celsius, brokerage firm Voyager Digital, and hedge fund Three Arrows Capital (3AC), Scaramucci stressed that: However, he doesn’t think the price of the maiden cryptocurrency would immediately soar in the nearest future, taking into account the situation at the macroeconomic level and the fact that “these are volatile assets”, therefore “people need to take a four to five years view of these assets.” Meanwhile, Bitcoin is trading at $23,343, which is an improvement of 2.19% on the day, as well as an increase of 9.52% across the previous week, according to data retrieved from CoinMarketCap on August 3.

Crypto exposure problems for SkyBridge

Elsewhere, Finbold reported that SkyBridge Capital had temporarily suspended withdrawals from Legion Strategies – one of its funds that had exposure to crypto assets – due to the fall in the prices of the stocks and crypto owned by the fund. According to the report, about 20% of this fund was in private investments, and the management company decided to keep its structure unchanged after a sell recommendation by Morgan Stanley (NYSE: MS). Commenting on this development, Scaramucci said that: After liquidating some of its private investments, Scaramucci explained that “we will then let whoever wants to get out.” Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.