Bitcoin has already bottomed, has a fair value of $40,000, says Anthony Scaramucci

SkyBridge Capital founder and managing partner Anthony Scaramucci said that he believes the worst of crypto bear markets has passed after the collapse of crypto hedge fund Three Arrows and lender Celsius, and the bankruptcy of broker Voyager.

According to CoinDesk data, Scaramucci made these comments as bitcoin trades at $23,207 on Tuesday despite being down 66% since November’s peak.

Scaramucci stated that he believes the system has lost its leverage. Although bitcoin can slide, Scaramucci stated that he doesn’t believe it will fall below the $17,500 low reached in this cycle.

Scaramucci stated that bitcoin’s fair market value is $40,000 based on its adoption, wallet size and use cases. Scaramucci also stated that ether’s fair value is around $2,800.

Scaramucci stated that ‘we on the margin are net purchasers, as incremental cash enters our funds, we’re net sellers of those assets, because they’re fundamentally overvalued and technically oversold. He doesn’t think bitcoin will rise immediately, due to macroeconomic uncertainties. These are volatile assets. Scaramucci stated that people should have a view of these assets for at least four to five years.

According to Scaramucci, Skybridge’s Legion Strategies fund withdrawals are still halted. Scaramucci stated that the firm decided to preserve the fund’s composition after Morgan Stanley made a sell recommendation for the fund. About 20% of the fund was private investments.

“We must be fiduciary. Scaramucci stated that private investments cannot be too high for any of our clients. “I cannot let everyone out at this moment until I can have adequate fairness and balance within the fund.

Scaramucci reports that 18% of the fund was invested in crypto-related investments. This includes bitcoin and private investments made in companies like crypto exchange FTX.

Scaramucci stated that the fund is currently selling private investments. Scaramucci stated that once the investments are liquid, they will let anyone who wants to exit.

Scaramucci reiterated that the highest inflation rate in 40 years will soon fall. He stated that he believes the second half will surprise people as there has been a slowdown of consumption. People have enormous amounts of savings so there will be a slight but not severe recession. Scaramucci stated that there are more jobs than people searching for them.

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