SkyBridge Capital founder and managing partner Anthony Scaramucci commented on the cryptocurrency markets on the Squawk Box program he attended on CNBC.
Scaramucci announced that they maintained their year-end price target for Bitcoin at $150,000.
Scaramucci noted that September has historically been a weak period for crypto markets, saying price fluctuations are normal. “It's possible for Bitcoin to fall below $100,000, but it could also rise rapidly to $150,000. Long-term demand is very strong,” he said.
The SkyBridge founder argued that the growing interest in Bitcoin ETFs and the creation of digital asset treasuries by large companies would provide lasting support to the market. “This cycle could play out very differently than in previous years,” he said.
The program also touched on Scaramucci's new role. He has taken on the role of senior advisor at AVAX One, a company dedicated to supporting the Avalanche ecosystem. Scaramucci noted that AVAX stands out in the tokenization projects of giants like BlackRock and Visa, describing Avalanche as the “Swiss Army knife of layer-1 technologies.”
*This is not investment advice.
