Anthony Scaramucci, the founder of SkyBridge Capital and former White House Communications Director, is still optimistic about Bitcoin (BTC) despite the cryptocurrency’s sharp drop from the August peak of $124,457.
A known crypto advocate, Scaramucci discussed the state of the market maintaining that September lows are to be expected and therefore not indicative of future growth potential, in an interview with CNBC on September 22.
During the discussion, he reiterated his previous Bitcoin price target of $150,000 for year-end, with an additional note that “November into December” would be a good buying period.
“There’s still a tremendous demand for the asset. Because we’ve got a 3-4% drop? It’s just typical volatility. I think we’ve had a big run-up, there’s been a lot of positive announcements, and I think we’re just churning a little bit. But again, there’s been seasonality if you look at the fifteen years since the inception of Bitcoin. There’s been September lows typically, so this is very consistent with that,” Scaramucci said.
The financier also touched on his new role as the lead advisor for AVAX One, a company aiming to maximize ownership of Avalanche (AVAX), the blockchain used for the likes of BlackRock and Visa. Elaborating further, he expressed faith not only in Avalanche but also Solana (SOL) and Ethereum (ETH) as the “future of tokenization.”
Bitcoin can go up to $150,000 ‘fairly quickly’
In response to other guest’s comments that Bitcoin could easily drop below $100,000, or even $75,000, Scaramucci said that ‘it would be very hard to get his faith shaken.’
Admitting that volatility is still a legitimate concern when it comes to all cryptocurrencies, he contested that growing demand for the asset paints a more bullish picture.
“If you just look at the buying of ETFs, if you look at the digital assets treasury, etc., I think you’re gonna have a big proliferation, and I think you’re gonna extend the cycle for Bitcoin very differently than what we’ve had the last several cycles.”
Also on the agenda was President Trump’s involvement in the “crypto gold rush” and the question of whether his family should be precluded from starting large-scale crypto companies. Scaramucci’s reply was negative, reflecting the analyst’s Libertarian stance that no one should be barred from conducting business.
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