Hedge Fund CEO Anthony Scaramucci Says Bitcoin 70% Below Fair Value, Predicts Brief Recession This Year: Report
SkyBridge Capital founder Anthony Scaramucci says that Bitcoin is way below its actual fair value, and that the bottom is likely already in for BTC.
In a new interview with MarketWatch, the veteran hedge fund manager says his firm’s metrics put BTC’s value at roughly $40,000.
BTC is changing hands for $23,422 at time of writing, about 70% below what Scaramucci says is its fair value.
“We believe that the leverage has been blown out of the system. I don’t think it’s going below the low that was reached for this cycle, which would be at around $17,500.
According to our fair market value metrics based on adoption, wallet size, use cases, growth of wallets, we think the fair market value for bitcoin right now is about $40,000.”
Scaramucci says that he believes top smart contract platform Ethereum (ETH) is undervalued as well, with its fair value sitting around $2,800. He also says that technical indicators suggest that BTC and ETH are vastly oversold.
However, he’s not necessarily predicting an imminent breakout of BTC and ETH anytime soon due to macroeconomic headwinds.
“We on the margin are net buyers, as incremental cash comes into our funds we’re net buyers of those two assets, because we think that they’re fundamentally undervalued and technically oversold.
Again, these are volatile assets. I guess what’s at issue here is people need to take a four to five years view of these assets.”
The hedge fund CEO adds that he expects that the recent inflation affecting markets to die down by the end of the year.
“I think the second half of the year is going to surprise people because there’s already a slowdown in consumption. There will likely be a shallow, but not a deep recession because people have a tremendous amount of savings. And there are more jobs available than people looking for them.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/eliahinsomnia/Andy Chipus
The post Hedge Fund CEO Anthony Scaramucci Says Bitcoin 70% Below Fair Value, Predicts Brief Recession This Year: Report appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
