Bitcoin (BTC) ‘Demand Shock’ Comes As Institutions Eye BTC, Hedge Fund Chief Anthony Scaramucci Says
Former White House Communications Director Anthony Scaramucci believes Bitcoin (BTC) has solid fundamentals that will drive demand going forward.
In a new interview with CNBC’s Fast Money Halftime Report, Scaramucci was asked to speculate on the overall state of crypto.
“Well, look – there are a few positives. Obviously the ill effects were a combination of cheating and excessive leverage in the system while the Fed was raising rates, so these guys got caught. And it has, I believe, led to a technical overselling of Bitcoin and Ethereum. The bounce you are seeing is a combination of fundamental buying and some short coverage.”
Skybridge Capital CEO says two factors spell out an imminent demand shock for the leading crypto by market cap, Bitcoin.
“Since our last conversation, two important things have happened on the institutional side. Number one: Fidelity allows their 401(k) products to offer bitcoin, Skybridge has just switched to that… And number two: Last week, BlackRock said, in addition to working with Coinbase on their Aladdin risk management program, BlackRock said they have a private trust will offer, which gives their customers the opportunity to invest directly in Bitcoin.
So I think these things that are happening right now will create a demand shock for bitcoin. So there just isn’t much supply of bitcoin out there so I think we’re going to rally for bitcoin at the end of the year and I think people just go nuts during market violence if you will…”
At the time of writing, the king crypto is priced at $24,211.
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