In a recent interview with CNBC, the hedge fund manager says that the current crypto market decline reminds him of March 2000, when internet stocks plummeted.
He argues that many internet stocks dropped to nothing, but a few gems such as Amazon survived and kept gaining enormous returns.
Scaramucci recognisesrecognizes that the price of crypto assets might fall lower before recovering. He maintains that Bitcoin could reach $100,000 over the next 12 to 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…”
Numerous advantages in terms of basics. Currently, the price activity is horrible.”
Bitcoin is now selling at $21,836 at the time of this writing. The leading crypto by market capitalisationcapitalization had declined by more than 22% since Sunday, when it was trading at $28,000. It dropped by more than 68% from its all-time high of $69,044.77.
Ethereum costs $1,212 at the time of writing. As it traded at around $1,500, the second-ranked cryptocurrency by market capitalisationcapitalization fell over 19%.