Skybridge Estimates Fair Market Value of Bitcoin at $40,000 and Ethereum at $2,800 – Markets and Prices Bitcoin News

Skybridge Estimates Fair Market Value of Bitcoin at $40,000 and Ethereum at $2,800 – Markets and Prices Bitcoin News

The founder of Skybridge Capital says the fair market value of bitcoin is around $40,000 based on adoption, wallet size, use cases and wallet growth. The asset management company also estimated Ethereum’s fair market value at around $2,800.

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

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

He believes that the worst of the crypto bear market is over and that bitcoin has already bottomed. His comments followed the filing of bankruptcy by a number of crypto firms, including Celsius Network and Voyager Digital.

“We believe the leverage has been blown out of the system,” Scaramucci said. Admitting it BTC could still slide, he stressed: “I don’t think it goes below the lowest level that has been reached for this cycle, which would be around $17,500.”

The founder of Skybridge Capital further shared:

According to our fair market value metrics based on adoption, wallet size, use cases, wallet growth, we think the fair market value for bitcoin is currently around $40,000.

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

At the time of writing, bitcoin is trading at $23,167.48, up 14% over the past 30 days. Ether is trading at $1,650.88, up 43% over the past 30 days.

Scaramucci does not expect the price of bitcoin to go straight up due to macroeconomic uncertainties. “Again, these are volatile assets. “I guess the point here is that people have to look at four to five years of this asset,” he warned.

The executive branch noted:

We on margin are net buyers, as incremental money comes into our funds, we are net buyers of those two assets, as we think they are fundamentally undervalued and technically oversold.

Last month, Skybridge Capital suspended redemptions in his Legion Strategies fund following a sharp decline in stocks and cryptocurrencies. About 20% of the fund was in private investments, and about 18% in crypto-investments, incl BTC and private investments in digital asset firms such as crypto exchange FTX, he detailed.

Scaramucci confirmed that withdrawals were still halted, adding that the move was necessary to keep the fund’s composition intact after investment bank Morgan Stanley recommended selling the fund.

“I cannot allow private investment to be too high,” emphasized the founder of Skybridge. “I can’t release everything at this point until I can have the proper equity and balance in the fund.” He revealed that the fund is currently selling some of its private equity investments, noting, “Once we get the liquidity for those investments, then we’ll let whoever wants out.”

Scaramucci has long said that he is expects bitcoin price to 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 adoption story, could bitcoin get to half a million dollars per coin? I believe he will,” he said in March. He is in June Advised investors to “buy quality and be unleveraged and remain disciplined”. He noted that many coins will be deleted.

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 spending.” He is of the opinion:

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

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

Skybridge Estimates Fair Market Value of Bitcoin at $40,000 and Ethereum at $2,800 – Markets and Prices Bitcoin News

Kevin Helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in bitcoin security, open-source systems, network effects, and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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