The broader cryptocurrency market appears to be stabilizing after receiving a major boost from the better-than-expected Consumer Price Index (CPI) data report, with a hedge fund veteran keen on crypto predicting more fervor in the future.
Indeed, Anthony Scaramucci, founder and CEO of investment management firm SkyBridge Capital, discussed the possibility of digital assets coming out of the crypto winter in an interview with CNBC. scream box published on August 12.
During the interview, Scaramucci emphasized that he expects a lot more liveliness in the crypto market in the future, stating that:
“We think [with] the improvement of the Lightning network, the increase in applications and the ease of transactions on Bitcoin, you are going to see a lot more commercial activity there.
Scaramucci gives his opinion on the merger
Scaramucci also commented on the upcoming Ethereum (ETH) blockchain Merge update, which will officially mark the network’s transition from the Proof-of-Work (PoW) algorithm to the Proof-of-Stake (PoS) algorithm and “which will reduce transaction fees on this network.
According to him, “a lot of traders are probably buying this rumor (…), they will probably sell on the news of this merger which will take place in mid-September”, but he also warned against this. As he explained:
“These are excellent long-term investments. Over the next six years, if we’re right, if Bitcoin hits $300,000 a coin, it doesn’t matter if you buy it at $20,000 or $60,000.
Is the worst behind us?
It should be noted that Scaramucci also believes that the worst of the crypto bear market is now over and Bitcoin’s fair market value is around $40,000, according to a Finbold report from early August.
Earlier, he advised people to ‘stay disciplined’ in mid-June, when the fall of lending platform Celsius pressured the wider market, just weeks after the collapse of Terra (LUNA) did the same.
Elsewhere, immediately following the release of July’s CPI report, the crypto market reacted by pouring $50 billion into its market cap in an hour, bringing a total of $250 billion into it over the course of the year. of the previous month.
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