Hedge fund boss Anthony Scaramucci says one major catalyst is likely to cause a wider adoption of crypto assets.
In a new interview with Yahoo Finance, the SkyBridge Capital CEO says the fallout from the US banking failures will prompt more people to invest in top crypto assets like Bitcoin (BTC) and Ethereum (ETH).
“You have a regional banking crisis in the United States. And there is a crisis of confidence related to deposits and how the Fed is going to handle these things. There will be a move, maybe slowly in the beginning, but there will be a move for diversification into more digital assets, specifically things like Bitcoin and Ethereum.”
Scaramucci is also predicting the bear market has come to an end for crypto.
“I would guess right now that we’re through the bear market.”
He also weighs in on Binance, the world’s top crypto exchange by trading volume, which was recently hit with a lawsuit from the Commodity Futures Trading Commission (CFTC), a US regulator.
He calls Binance an important entity in the crypto industry but also notes how cryptocurrencies have recovered from past implosions of big exchanges.
“[Binance] is a super important centralized exchange in our industry. If something happens to Binance, I think there’ll be a short-term hit…
When FTX went down it hurt the crypto market, but it was a temporary hurt to the market. I think Bitcoin got to $16,000…
You guys may remember something called Mt. Gox that failed in 2014, 60% of the Bitcoin trading was on that exchange. People said, Well, that’s the end of cryptocurrencies and Bitcoin. Of course, that didn’t happen either. And I wish [Binance CEO Changpeng Zhao (CZ)] well. I know him personally. I like CZ. I hope he sorts through whatever these issues are.
I certainly don’t want to see anything happen to Binance. But I think people need to understand that the ecosystem known as the cryptocurrency markets, Bitcoin, Ethereum, et cetera, are very resilient. And there’s a lot of pent-up demand coming into the space. You can just see it in the on-chain analysis that we do at the firm.”
At time of writing Bitcoin is trading for $28,048 while Ethereum is worth $1,871.
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