“Once White House communications director believes that Bitcoin has solid fundamentals that will drive demand going forward”–Paul Ebeling
In a new interview with Fast Money Halftime, Anthony Scaramucci was asked to speculate on the overall state of crypto.
“Well, look – there’s a couple of positives. Obviously, the negatives were a combination of fraud and excess leverage in the system while the Fed was raising rates, so those people got caught. And it caused, I think, a technical overselling of Bitcoin and Ethereum. The bounce that you’re seeing right now is a combination of fundamental buying and some short covering.”
The Skybridge Capital CEO says two factors spell an upcoming demand shock for Bitcoin, the leading crypto by market cap.
“Since we last spoke, two major things have happened on the institutional side. Number one: Fidelity is allowing for their 401(k) products to offer Bitcoin, Skybridge just switched over to that… And number two: last week, BlackRock said, in addition to teaming up with Coinbase on their Aladdin risk-management program, BlackRock said that they’re going to offer a private trust that will give their clients a chance to invest directly in Bitcoin.
So, to me, I think that these things that are happening right now are going to create a demand shock to Bitcoin. So there’s just not a lot of supply of Bitcoin out there, so I think we rally at the end of the year for Bitcoin, and I think people just get crazy during market violence if you will…”
At time of writing, the King crypto is going for $23,420.92.
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Market participants, Brokers and market makers can take a price on any of the linked exchanges to find and execute the best price available. Eventually, as they are on boarded, a broker on the floor of one exchange could directly place an order through Knights rather than going through a broker on another exchange.
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Editor’s Note: The market cycle is a naturally occurring phenomenon, attributable to human psychology, and has repeated itself time and time again, though with some variations, in the lives of nearly all market traded instruments. This cycle repeats itself to varying degrees but is fairly accurate in representing the shift between market sentiments of euphoria and pessimism, and an acknowledgment of this natural phenomenon is Key to profiting from any traded instrument, including Bitcoin. My work shows a return to the mean and then all-time highs in here. Tune out fear.
Have a prosperous day, Keep the Faith!