SkyBridge Capital founder Anthony Scaramucci says his firm is still buying Bitcoin (BTC) and Ethereum (ETH) despite the crypto market crash.
In a new interview with CNBC, the hedge fund veteran says the current crypto market downtick reminds him of March 2000, when internet stocks were cratering.
He notes many of the internet stocks went to zero but a few of the “gems” like Amazon survived and went on to clock massive gains.
Scaramucci acknowledges crypto assets could move further down in price before rebounding, but he still believes Bitcoin could balloon to $100,000 “over the next 12-24 months.”
“I can’t predict the future, but what I can see is there is a tremendous amount of robust development and adoption. Remember, these investment banks in 2018 – they shelved their cryptocurrency ideas. Today, they’re doing derivative trades in things like Ethereum. I don’t think there’s any going back…
Lots of positives as it relates to fundamentals. Just the price action is terrible right now.”
Bitcoin is trading for $21,836 at time of writing. The top-ranked crypto asset by market cap is down more than 22% since Sunday when it was trading around $28,000. It is also down more than 68% from its all-time high of $69,044.77, which it hit in early November.
Ethereum is trading for $1,212 at time of writing. The second-ranked crypto asset by market cap is down more than 19% since Sunday when it was trading around $1,500.
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Featured Image: Shutterstock/Mia Stendal/monkographic/Konstantin Faraktinov
