Anthony Scaramucci, former White House communications director and CEO of Skybridge Capital, has made an optimistic prediction about the state of the crypto market. In an interview on April 6, Scaramucci said that the crypto market has passed the bear market and is preparing for a bull market.
#flyover CEO sees the end #encryption Bear Market and Halving Cycle https://t.co/vvWf3IbJwO
— Kyptos (@azcoinnews) April 7, 2023
Scaramucci’s forecast is based on the performance of bitcoin, which has gained 70 percent this year, outperforming stocks and other assets. Despite poor market conditions and regulatory challenges, Bitcoin started the year at $16,520 and is currently trading at $27,953.
The CEO of Skybridge Capital expressed confidence in the crypto market, saying the firm’s analytical data confirms a lot of pent-up demand. He is also bullish on the upcoming halving, scheduled for April 2024, which he believes will be a bullish factor.
Halving is a process where the block reward is halved every 4 years when 210,000 blocks are produced. Bitcoin’s block reward has undergone three halvings and is currently 6.26 BTC. During the next halving, the reward will be reduced to 3.125 BTC.
Source: Bitcoin Magazine
According to a chart from Bitcoin Magazine, the current block height is 784,304 and the halving block height is 840,000. The scheduled time is April 28, 2024, with about 386 days left.
Scaramucci explained that Bitcoin has a 4-year price cycle, “at any point, if you buy Bitcoin and hold it for 4 years, it will outperform all other assets.” He also admitted that if a major crypto like Binance Markets may take a hit in the short-term as currency exchanges crash, but added that the crypto ecosystem is resilient.
Scaramucci’s bullish forecast comes as the cryptocurrency market is embracing increasing mainstream adoption. PayPal’s recent decision to allow users to buy, hold and sell cryptocurrencies is seen as a major step towards wider acceptance of digital currencies.
All in all, Scaramucci’s predictions suggest that despite the challenges, confidence in the crypto market is growing. The upcoming halving event coupled with increased mainstream adoption could further drive the market higher.
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according to Kyptos