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Is the Bitcoin Bear Market Really Over? Anthony Scaramucci Thinks So

source-logo  cryptopotato.com 07 April 2023 07:26, UTC

Anthony Scaramucci – the founder of SkyBridge Capital and former White House official – believes “we’re through” the crypto bear market.

He also praised bitcoin’s performance over the years, saying it’s the best long-term investment tool.

Time for a Market Surge?

In a recent interview for Yahoo Finance, Scaramucci said the prolonged cryptocurrency winter, which saw numerous scandals, collapses, and market decline, could be already behind us. He went further advising investors to keep their trust in Bitcoin, predicting its price could soar in the following months:

“Bitcoin’s up around 70% on the year, and I don’t think it’s time to take chips off the table. If anything, I think this is the beginning of a new era for bitcoin and other cryptocurrencies, and we’ll remain patient, and we’ll remain disciplined through the approach that we have had for the last 20 years, which is to make a macro bet: sit patiently and take the heat from the pundits and the critics.”

Scaramucci also joined Cathie Wood’s prediction that the primary cryptocurrency could skyrocket to $1 million by 2030. He praised it as the best investment instrument that people could choose when investing in the long run:

“But any time that you’ve held Bitcoin in a four-year rolling interval, so you pick the day, hold it for four years, you’ve outperformed every other asset class.”

He gave his two cents on the recent FUD surrounding Binance and how an eventual collapse of the world’s leading exchange could affect BTC. Scaramucci thinks such a catastrophe would be much more devastating than the FTX meltdown and wished Changpeng Zhao (CEO of Binance, better known as CZ) could cope with the issues:

“Binance is a super important centralized exchange in our industry. If something happens to Binance, I think there will be a short-term hit. I wish CZ well. I know him personally, I like CZ, I hope he sorts through whatever these issues are. I certainly don’t want to see anything happen to Binance.”

The Bull Market Depends on the Inflation

Scaramucci has previously argued that a price expansion of digital assets could happen when the Federal Reserve stops raising interest rates. The central bank lifted the benchmark last month to a range of 4.75% to 5% in an attempt to tackle the inflation rate in the US.

According to Scaramucci, the aggressive policy will stop once inflation cools off to around 4-5%. Recall that February CPI numbers clocked in at 6% Year-Over-Year.

“I do believe that the Fed declares victory at 4% to 5% inflation. If I’m right, there will be a resurgence in the market. There’ll be a lot of short covering in crypto, and there’ll be a rebirth of risk assets.”