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“Bitcoin Black Friday Sale”, Scaramucci Says About the Recent Dip
While the global markets suffered a significant blow Friday amidst fears of renewed economic hardships due to lockdowns and travel bans, Anthony Scaramucci of SkyBridge Capital remained positive and sees a buying opportunity for both stocks and cryptocurrencies.
Bitcoin tanked 8% on Friday to a 6-week low, while other top crypto assets and altcoins Ethereum, Solana, and XRP also lost up to 12% of value in just 24 hours’ time. The S&P was down with and oil futures lost 13%.
“This is Amazon in the year 2000,” says @Scaramucci on #bitcoin. “This comes with some volatility, it comes with a lot of fear and uncertainty so that’s why it is down…I just think this is a risk off situation right now.” pic.twitter.com/RxIHcq7oNS
— Squawk Box (@SquawkCNBC) November 26, 2021
Analyzing the latest development as he appeared on CNBC’s Squawk Box, Scaramucci remains optimistic as this might lead to the Federeral Reserve backing away from any short-term aggressive monetary policy. The SkyBridge executive said:
“If the Fed is not tapering, this is a buying opportunity. It’s Black Friday, and things are on sale.”
Noting the fundamental value that Bitcoin and other crypto assets have to offer, Scaramucci put his cards on the table and offered some free, risk-free, advice:
“Those believing in the asset class should scoop up the discounts during this market dip. If you believe in the long-term fundamentals as we do, this is the time to be buying.”
“I just think this is a risk-off situation right now. Bitcoin and other cryptocurrencies being volatile, that’s taking people out of the game. That’s also washing out some of the leverage, which I think sets up a pretty nice first quarter.”
With the Bitcoin and crypto market showing signs of recovery today, it was El Salvador president Nayib Bukele who was among the happy few to have bought the dip, just as Scaramucci hinted at. The country added another 100 Bitcoin to its totals.
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Author: Peter Siu