Bitcoin’s price has fallen more than 10% this week, wiping out all of August’s gains. The CEO of one exchange predicts that by the end of 2022 you will be able to buy a Bugatti with a single bitcoin. Ethereum’s price has also fallen, but it is performing much better as traders look to the ‘100-pound gorilla’ which is ‘coming closer by the day’.
After releasing two behemoth Bitcoin and Ethereum “fair market value” price predictions this month, President Donald Trump’s short-lived White House director of communications and investment manager SkyBridge Capital’s Anthony Scaramucci’s managing partner predicted that Bitcoin could hit just $300,000. For six years, he has revealed an Ethereum challenger in “very big standing.”
Want to stay ahead of the market and understand the latest crypto news? Sign up for free now crypto codex—Daily newsletter for traders, investors and anyone interested in cryptocurrencies
Scaramucci, who served as President Donald Trump’s director of communications for just two weeks in 2017, said, “If we’re right, if bitcoin hits $300,000 a coin in the next six years, buy it for $20,000. It doesn’t matter if you did it or bought it for $60,000.” , Said CNBC“I’m just warning people, the future depends on us. It’s happening sooner than I thought.”
Skybridge Capital, a New York-based hedge fund fund, launched its $310 million Skybridge Bitcoin Fund last year, but it pulled it apart in July after stock and cryptocurrency prices plummeted. has reportedly been forced to suspend the redemption of its funds.
SkyBridge’s biggest crypto positions are in Bitcoin and Ethereum, but Scaramucci said he bought Ethereum rival Solana and has a “very big position” in another Ethereum challenger, Algorand. He said that he was
“We think [algorand] We have award-winning technology,” Scaramucci said, adding that he was “pretty optimistic” about Bitcoin and Ethereum over the next 12-24 months.
“You’ll see a lot more commercial activity there,” he said, adding, ” [bitcoin’s second layer] The Lightning Network, more applications, and ease of trading with Bitcoin. ”
Bitcoin’s growing Lightning Network is designed to speed up transactions, reduce fees, and even compete more directly with Ethereum and other smart contract blockchains.
Scaramucci also said recent news of a massive $10 trillion cryptocurrency game-changer that could “open the floodgates” to Bitcoin and cryptocurrencies for institutional investors could impact cryptocurrency prices. said it was likely.
“I want to remind people that when something like this happens, there are only 21 million bitcoins, and there is little supply and demand will be shocked.”
Sign up now crypto codex— Free daily newsletter for those interested in cryptocurrencies
Meanwhile, Ethereum, the second largest cryptocurrency after Bitcoin, is gearing up for a major upgrade due in mid-September, which has sent the price of Ethereum soaring in the past two months. However, Scaramucci said he expects the price of Ethereum to fall in the short term and eventually rebound.
“A lot of traders are probably buying the rumor,” Scaramucci said. “They will probably sell on news of the merger. I warn people not to.”
Market analysts this week blamed uncertainty over the Federal Reserve’s roadmap as one of the reasons for the “weakness” in the cryptocurrency market.
“Speculators have been on the rise amid hopes of a longer continuation of high interest rates after policymakers signaled their intention to stick to a tighter monetary trajectory after the US Federal Reserve released its minutes. Weakness permeated the cryptocurrency space as we exited from highly risky assets,” Susannah Streeter, senior investment and market analyst at Hargreaves Lansdown, wrote in an emailed note.