The founder of Skybridge Capital says the fair market value of Bitcoin is around $40,000 based on adoption, wallet size, use cases and wallet growth. The asset manager also estimates the fair market value of Ethereum at around $2,800.
Skybridge Capital on Bitcoin and Ethereum Fair Value
Anthony Scaramucci, founder and managing partner of global asset management firm SkyBridge Capital, said in an interview with MarketWatch published Tuesday that the Bitcoin (BTC) and Ethereum (ETH) markets are fair. shared his company’s predictions on value.
He believes the worst of the crypto bear market is over and Bitcoin has already hit bottom. His comments follow bankruptcy filings by a number of cryptocurrency companies, including Celsius Network and Voyager Digital.
“We believe leverage has been blown out of the system,” Scaramucci said. Recognizing that BTC could still fall, he stressed:
The founder of Skybridge Capital further said:
According to fair market value metrics based on adoption, wallet size, use cases, and wallet growth, we believe the current fair market value of Bitcoin is around $40,000.
He added that the fair market value of Ether is around $2,800.
At the time of writing, Bitcoin is trading at $23,167.48, up 14% over the past 30 days. Ether is up 43% over the past 30 days, trading at $1,650.88.
Scaramucci doesn’t believe Bitcoin’s price will go straight up due to macroeconomic uncertainty. “Again, these are volatile assets. I think the issue here is that people need to look at these assets in a 4-5 year perspective,” he said. warned.
We are net buyers on margin and as funds grow we will be net buyers of these two assets.
Last month, Skybridge Capital suspended the redemption of its Legion Strategies fund following a sharp drop in stocks and cryptocurrencies. About 20% of the fund was private investments and about 18% was crypto-related investments, including private investments in digital asset companies such as his BTC and crypto exchange FTX.
Scaramucci added that the move was necessary to maintain the fund’s composition after investment bank Morgan Stanley recommended selling the fund, and confirmed that withdrawals were still suspended.
“Private investment cannot be too expensive,” emphasized the Skybridge founder. “We can’t just let everyone go now until there is proper fairness and balance in the fund,” he said, revealing that the fund is now selling some of its private investments. Once we get liquidity on these investments, we’re letting go of whoever wants to.”
Scaramucci has long said that he expects the Bitcoin price to reach $100,000 this year and $500,000 in the long term. “If you zoom out and look at the long-term charts and look at the adoption story, will Bitcoin hit $500,000 per coin? I believe it will,” he said in March. rice field. In June, he advised investors to “buy quality, don’t leverage, and be disciplined.” He pointed out that many coins will be wiped out.
“The second half of the year will surprise people because consumption is already slowing,” said a Skybridge executive of the U.S. economy. He gave his opinion:
People have huge amounts of savings that can lead to a shallow recession, but not a deep recession. And there are more jobs than people looking for.
What do you think of Skybridge Capital’s forecast? Let us know in the comments section below.
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