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The price of bitcoin, up 20% from the same time last month as traders watch for a Federal Reserve bomb, was left in the dust by the price of ethereum which added 75%, which has led some to predict that a “hundred-pound gorilla” is “getting closer day by day.”
Today, Anthony Scaramucci, founder and managing partner of global asset management firm Skybridge Capital and Donald Trump’s short-lived White House communications director, released two huge “fair market value” price predictions. ” bitcoin and ethereum.
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“We think leverage has been kicked out of the system,” said Scaramucci, who launched a bitcoin fund last year. MarketWatch. “I do not think so [the bitcoin price is] below the low reached for this cycle, which would be around $17,500.”
Scaramucci named “adoption, wallet size, use cases, and wallet growth” as contributing to his “fair market value” forecast for bitcoin’s price of around $40,000 while the price of ethereum has a fair market value of around $2,800.
Bitcoin price is currently bouncing around $24,000 per bitcoin, while Ethereum ether has soared over the past week to approach $2,000 as hype builds around a radical upgrade that arrives quickly on the track.
The price of bitcoin has crashed this year as the US Federal Reserve fights soaring inflation with a series of historic interest rate hikes and steep cuts to its huge stimulus measures in the era of the pandemic.
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“We are, at the margin, net buyers as additional cash flows into our funds, we are net buyers of these two assets because we believe they are fundamentally undervalued and technically oversold,” said Scaramucci, but added, “these are volatile assets and people should ‘take a four to five year view of these assets.’
Despite Scaramucci’s uptrend, withdrawals into Skybridge’s Legion Strategies fund, which had a nearly 20% crypto weighting, remain halted after this year’s crypto price crash wiped $2 trillion from the market. combined crypto market capitalization and forced a handful of companies to fold.