Crypto: Antony Scaramucci believes in the return of the bull run. The founder and leader of the investment fund Skybridge Capital, Antony Scaramucci is optimistic about the future of the crypto market. He points to many positive factors that could indicate the resumption of the uptrend in the market.
Commercial use of cryptos on the rise
For the leader of one of the largest investment funds on the planet, many indicators concerning the crypto market lead to optimism . In particular, he calls on investors to see beyond the current market environment, to remain patient and to think in the long term.
The first reason for optimism according to Antony Scaramucci is the development of commercial activity in the world of cryptocurrencies .
The development of the Lightning Network , the overlay of Bitcoin allowing faster payments, or even BlackRock's partnership with Coinbase are all good news according to him:
"Finally, BlackRock CEO Larry Fink sees institutional demand for digital assets. Otherwise, it would not implement these products and partner with Coinbase."
We recently saw Strike announce the release of its Visa Bitcoin card , a step closer to adopting the crypto queen as a means of payment for everyday life!
Anthony Scaramucci also recalls the limited number of Bitcoin in circulation , 21 million, which could lead to a surge in the price due to demand far exceeding supply.
The Merge as a catalyst for the upside
It will have escaped no one, Ethereum is one of the hottest cryptos of the moment . At the time of writing, Ethereum is trading around $1900, up 7.25% over the last 7 days. Like many observers, Anthony Scaramucci points to the Merge as the catalyst for this rise.
The Merge, brought forward to September 15, is the most anticipated event in the crypto sector . According to the fund manager, traders are buying heavily on the prospect of a short-term rise in the asset . A practice in “buy the rumor and sell the news” mode as we mentioned in our article last week.
He says about this:
"Many traders are probably buying this rumour; they will probably sell on the news of this merger. I advise people not to do this, they are excellent long term investments."
The market is slowly but surely going up
For the time being, the medium and long-term trend remains bearish and we remain well and truly in this bear market that began in 2022.
However, the market picked up the slack and posted some interesting gains, especially last week.
Bitcoin is up 20% and trading around $24,000, still locked in overhead resistance. Many altcoins are also in the green like Solana back above $40 or even different memecoins like Shiba Inu up more than 26% over the last 7 days.
According to Scaramucci, there is an increase in investor interest thanks to improving macroeconomic indicators such as inflation. He thinks the economy could return to levels comparable to the last quarter of 2019 within 6 to 12 months.
If all this remains fragile, it should be noted that the climate is indeed more serene than a few weeks ago.
The fund manager recalls the importance of a long-term vision and is very optimistic about the price of Bitcoin in the years to come:
"If we're right, if BTC goes to $300,000, it won't matter if you bought it at $20,000 or $60,000; the future is before us; it's coming sooner than I thought. I think that's the take-home message I'm trying to send to investors: relax. We see a rather bullish scenario for BTC, ETH, AGLO or even SOL over the next 12-24 months."
He also specifies that his company has positions in Algorand in addition to Bitcoin and Ethereum. This competing Ethereum solution is very popular and has a promising future according to many observers.
It is currently the 31st largest market capitalization according to CoinMarketCap.
These different elements can therefore lead us to greater optimism. However, we must keep in mind the significant fragility of macroeconomic conditions.
While these have improved slightly in recent days, the overall context remains the same with high inflation , a strong risk of recession and very present geopolitical tensions.
Also, we will follow these next few weeks carefully and observe the direction that the market chooses to take!
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