Skybridge Estimates Bitcoin’s Fair Market Value at $ 40,000 and Ethereum’s at $ 2,800 – Markets and Prices Bitcoin News

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

Skybridge Capital on fair values ​​of Bitcoin and Ethereum

Anthony Scaramucci, founder and managing partner of the global asset management firm Skybridge Capital, shared his company’s predictions on the fair market values ​​of bitcoin (BTC) and ether (ET) in an interview with Marketwatch, published on Tuesday.

He believes the worst of the cryptocurrency bear market is over and bitcoin has already hit rock bottom. His comments followed filing for bankruptcy by numerous crypto companies, including Celsius Network and Voyager Digital.

“We believe the lever has been wiped out of the system,” said Scaramucci. While recognizing it BTC it could still slide, he pointed out: “I don’t think it is falling below the low reached for this cycle, which would be around $ 17,500.”

Skybridge Capital’s founder also shared:

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

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

As of this writing, bitcoin is trading at $ 23,167.48, up 14% over the past 30 days. Ether is trading at $ 1,650.88, up 43% over the past 30 days.

Scaramucci does not expect the price of bitcoin to rise directly due to macroeconomic uncertainties. “Again, these are volatile assets. I guess the problem here is that people have to have a four to five year view of these resources, ”he cautioned.

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The executive noted:

We on margin are net buyers, as incremental liquidity enters our funds, we are net buyers of these two assets, because we think they are fundamentally undervalued and technically oversold.

Last month, Skybridge Capital suspended redemptions in its Legion Strategies fund after the steep decline in stocks and cryptocurrencies. About 20% of the fund was in private investments and about 18% in cryptocurrency-related investments, including BTC and private investments in digital asset companies such as the FTX cryptocurrency exchange, he detailed.

Scaramucci confirmed withdrawals are still pending, adding that the move was necessary to keep the fund’s composition intact after investment bank Morgan Stanley recommended selling the fund.

“I can’t make private investment go too high,” said the Skybridge founder. “I can’t get everyone out right now until I have the proper equity and balance in the fund.” He revealed that the fund is currently selling some of his private investments, noting: “Once we have liquid on those investments, we’ll let anyone out.”

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

Commenting on 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 stated:

There will likely be a superficial recession, but not a deep one, because people have a huge amount of savings. And there are more jobs available than people looking for them.

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

Kevin Helms

Austrian economics student Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin’s security, open source systems, network effects, and the intersection of economics and cryptography.

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