Skybridge Estimates Bitcoin Fair Market Value at $40K and Ethereum at $2800 – Markets & Prices Bitcoin News

The founder of Skybridge Capital says that 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 the fair market value of Ethereum at $2,800.

Skybridge Capital on the Fair Values ​​of Bitcoin and Ethereum

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

He believes that the worst of the crypto bear market is over and that Bitcoin has already bottomed. His comments came in the wake of bankruptcy filings by a number of crypto companies, including percentage grid And the voyager digital.

“We think the leverage has faded from the system,” Scaramucci said. while admitting it BTC He emphasized that it could still slip: “I don’t think it will fall below the low that was reached for this cycle, which would be around $17,500.”

As the founder of Skybridge Capital shared:

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

He added that the fair market value of ether is about $2,800.

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

Scaramucci does not expect the Bitcoin price to rise directly due to the macroeconomic uncertainty. Again, these are volatile assets. I think the problem here is that people need to look at these assets four to five years.

The CEO noted:

We are on the margins net buyers, where the extra cash comes into our bins, we are net buyers of these two assets, because we believe they are both undervalued and technically oversold.

Last month, Skybridge Capital Pending refunds In the Legion Strategies fund after the sharp declines in stocks and cryptocurrencies. About 20% of the fund was in private investments and about 18% was in crypto-related investments, including BTC and private investments in digital asset companies such as cryptocurrency exchange FTX.

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

“I can’t make private investments too high,” the Skybridge founder emphasized. “I can’t let everyone out at this moment so I can get proper justice and balance in the box.” He revealed that the fund is currently selling some of its own investments, noting: “As soon as we obtain liquidity on those investments, we will allow those who want to exit.”

Scaramucci always said that expect Bitcoin will 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 look at the adoption story, could bitcoin hit half a million dollars? He said last March. In June, he advised Investors “to buy quality, get away from tyranny, and stay disciplined.” He indicated that a lot of coins will be eliminated.

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

There will probably be a shallow recession, but not deep, because people have a huge amount of savings. There are more jobs available than people are looking for.

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

Kevin Helms

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

photo credits: Shutterstock, Pixabay, Wikicommons

disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.