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SkyBridge Capital hedge fund CEO Anthony Scaramucci admitted in a new interview with Bloomberg that Bitcoin (BTC) is currently undervalued.
In the interview, he indicated that the crypto market has “shot down” after the FTX debacle last year. As a result, he indicated that Bitcoin should currently be worth about $40,000 – about 46% lower than its current level. He described it as follows:
“A lot happened last year. You’re talking about Sam Bankman-Fried. It was almost like John Meriwether and Bernie Madoff had a baby, it was Sam Bankman-Fried.
You have everything in that story. You have fraud, you have too much influence, you have too much trust. And it caused a really big depression in the markets.
And the market has probably overshot the downside. And so we think that Bitcoin is intrinsically worth about $40,000.”
Bitcoin is trading at $27,372 at the time of writing, up about 6% from its May low of about $25,811.
Scaramucci went on to state that if the level of Bitcoin adoption doubles from current levels, the king coin will post “explosive returns.” He said the following:
“What we do see is better small activity, we see wallet expansion… you have 4% global absorption for Bitcoin, about 340 million wallets. That’s about where the internet was in 1998.
We just need to go from 4% to 8% and you will see explosive returns in Bitcoin. So I want people to be patient.”
