Anthony Scaramucci: Bitcoin should be worth $40,000 and Ether $2,800

The founder of the crypto fund SkyBridge Capital, based on the experience of investing in cryptocurrencies, believes that BTC and ETH are fundamentally undervalued and technically oversold.

SkyBridge Capital managing partner Anthony Scaramucci said in an interview that the worst of the cryptocurrency bear market came as hedge fund Three Arrows, lender Celsius and broker Voyager went bankrupt.

“Bitcoin may fall, but I don’t think it will fall below the current cycle low of $17,500. Based on metrics based on adoption, wallet size, use cases, and wallet growth, Bitcoin’s fair market value is now around $40,000,” Scaramucci insists.

The founder of the crypto fund believes that Ether has a fair market value of around $2,800. Managing partner SkyBridge Capital assured that when additional capital comes into their funds, they often buy bitcoins and ethers:

“Therefore, we see that these assets are fundamentally undervalued and technically oversold. Again, they are volatile. I guess the problem is that investors have to look at these assets through the prism of four or five years.”

Given the macroeconomic uncertainty, the expert does not expect rapid growth from bitcoin. Scaramucci said that the highest inflation in four decades will soon subside. There is already a slowdown in consumption. There will likely be a shallow recession as people have huge savings and more jobs than the people looking for them.

The withdrawal of capital from the Skybridge Legion Strategies fund is now suspended. The company took the step to keep the composition of the fund unchanged, the executive said, after Morgan Stanley recommended the sale of the fund, whose 20% is private equity:

“We have to keep the trust. Neither I nor our clients can allow the percentage of private investment to be too high. I cannot allow a massive withdrawal of capital until I achieve proper equity and balance in the fund.”

Scaramucci added that about 18% of the fund was invested in cryptocurrencies, including Bitcoin and companies like FTX. In July, SkyBridge Capital stopped the redemption of the investment units of the Legion Strategies fund.