Scaramucci believes the true value of Bitcoin (BTC) is $40,000 — here’s why, from DailyCoin

© Alpha Footage Scaramucci believes the true value of Bitcoin (BTC) is $40,000 — here’s why

The main digital asset in the crypto game (BTC) has been trading below the $25,000 support line for quite some time. Anthony Scaramucci, the founder of SkyBridge Capital, an established investment management firm, believes this is not fair to Bitcoin (BTC).

“We believe the fair market value for #bitcoin is currently around $40,000,” said Anthony Scaramucci, founder and managing partner of SkyBridge Capital.

— unusual_wale (@unusual_wale) August 3, 2022

Controversy has nullified the lever

In a recent interview for MarketWatch, Mr. Scaramucci highlighted the infamous sinking of brokerage firm Voyager Digital, crypto lending platform Celsius, hedge fund Three Arrows Capital (3AC) and of course the stunning fiasco of Do Kwon’s (UST) & Terra (LUNA) that triggered panic alarms in the crypto community.

Additionally, a gargantuan amount of crypto was stolen in 2022, mostly through phishing exploits. With all of this happening, it is not surprising that the crypto Fear & Greed Index has been mostly on the side of extreme fear for some time. While Mr. Scaramucci is certain that Bitcoin (BTC) will recover from the trials and tribulations, the well-known investor doesn’t necessarily believe it will happen anytime soon. For now, “we think the leverage has been blown out of the system,” concludes Scaramucci.

$17,500 was most likely the bottom for BTC

Additionally, the SkyBridge Capital founder said he doesn’t think “it will dip below the low set for this cycle, which would be around $17,500.” With his company having to halt all Legion Strategies payouts, Mr. Scaramucci announced that he had to liquidate the company’s private investments to keep up with the harsh winds of the crypto winter.

Ultimately, the established investor is painting a better picture for Bitcoin (BTC) going forward. According to SkyBridge’s analysis, which includes “fair market value metrics based on adoption, wallet size, use cases, and wallet growth, the fair market value for Bitcoin is currently around $40,000.”

Anyway, the top cryptocurrency is trading at $23,024.66 at press time, according to CoinGecko. Bitcoin (BTC) has bounced around the $23,000 support line for two straight weeks and has lost 40% of its value in a year.

Bitcoin has already bottomed out, has a fair value of $40,000, says Anthony Scaramucci – MarketWatch https://t.co/gtnk8MHBAw

— Anthony Scaramucci (@Scaramucci) August 2, 2022

On the flip side

• Other Bitcoin (BTC) investors believe the top coin could drop as low as $10,000

Read more about Terra Luna’s negative impact on the entire crypto industry

Read more about how Three Arrows Capital unleashed a fast-spreading contamination

Read more about the lessons learned from the Celsius, Voyager, and BlockFi cases

Read more on DailyCoin

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