Skybridge estimates the fair market value of Bitcoin at $40,000 and Ethereum at $2800 – Markets and Prices Bitcoin News – Bitcoin News | Omd Cialis

Skybridge Capital founder says the fair market value of bitcoin is around $40,000 based on adoption, wallet size, use cases and wallet growth. The asset management firm also estimated Ethereum’s fair market value at around $2,800.

Skybridge Capital on the fair values ​​of Bitcoin and Ethereum

Anthony Scaramucci, founder and managing partner of global wealth management firm Skybridge Capital, shared his firm’s predictions on the fair market values ​​of Bitcoin (BTC) and Ether (ETH) in an interview with Marketwatch published Tuesday.

He believes that the worst of the crypto bear market is over and Bitcoin has already bottomed out. His comments followed bankruptcy filings by a number of crypto firms, including Celsius Network and Voyager Digital.

“We believe the leverage has been blown out of the system,” Scaramucci said. While recognizing that BTC could still slide, he emphasized, “I don’t think it will go below the low that has been set for this cycle, which would be around $17,500.”

The founder of Skybridge Capital further shared:

According to our fair market value metrics based on adoption, wallet size, use cases and wallet growth, we believe the fair market value for bitcoin is currently around $40,000.

He added that Ether’s fair market value is around $2,800.

At the time of writing, Bitcoin is trading at $23,167.48, up 14% over the past 30 days. Ether is trading at $1,650.88, up 43% in the last 30 days.

Scaramucci doesn’t expect Bitcoin’s price to go straight up due to macroeconomic uncertainties. “Again, these are volatile assets. I guess what’s at stake here is that people need to have a four to five year view of these assets,” he cautioned.

The Executive stated:

We on margin are net buyers, as additional cash flows into our funds, we are net buyers of these two assets because we believe they are fundamentally undervalued and technically oversold.

Last month, Skybridge Capital suspended redemptions of its Legion Strategies fund following sharp falls in equities and cryptocurrencies. About 20% of the fund was invested in private investments and about 18% in crypto-related investments, including BTC and private investments in digital asset companies like crypto exchange FTX, he said.

Scaramucci confirmed that payouts are still on hold, adding that the move is necessary to keep the fund’s composition intact after investment bank Morgan Stanley issued a sell recommendation for the fund.

“I can’t push private investment too high,” emphasized the Skybridge founder. “I can’t let everyone out at once until I can have reasonable fairness and balance in the fund.” He revealed that the fund is currently selling some of its private investments, noting, “Once we’re liquid with these investments, we’ll let anyone who wants to exit.”

Scaramucci has long said he expects Bitcoin’s price to reach $100,000 this year and $500,000 in the long term. “If you’re willing to zoom out and look at the long-term chart and adoption history, could Bitcoin hit half a million dollars a coin? I think it will,” he said in March. In June, he advised investors to “buy quality, be unleveraged and stay disciplined.” He noted that many coins are being wiped out.

Referring to the US economy, the Skybridge executive said, “I think the second half of the year will surprise people because there is already a slowdown in consumption.” He opined:

There will likely be a shallow but not a deep recession because people have huge savings. And there are more jobs than people looking for them.

What do you think of Skybridge Capital’s predictions? Let us know in the comment section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economics and cryptography.

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