The fall in bitcoin has undoubtedly shaken investors to their core, as indicated by the drop in the Fear & Greed Index.
Investors are justifiably concerned about the market and what the coming weeks, and months, may store for them. If this is the beginning of a bear market, the next bull run might take another two years.
However, Anthony Scaramucci has advised bitcoin investors not to lose hope at this period. Despite the market fall, which brought bitcoin to six-month lows, Scaramucci, the CEO of Skybridge Capital, has advised investors to buy in bitcoin for the long run.
The Bitcoin Crash is a One-Time Event
The CEO spoke on CNBC’s Squawk Box to discuss the cryptocurrency industry. Scaramucci gave some insight into how he views the market and the recent drop, which he does not feel is reason for concern, in this interview. He advised bitcoin purchasers to take a break from the market for a while and focus on long-term investment rather than what the market is doing right now.
The slogan of bitcoin maximalists, who trust in the digital asset’s future rather than what it is doing now, has always been to hold it for the long haul. In his most recent advice, Scaramucci echoed this sentiment. According to the CEO, bitcoin investors should purchase the digital asset for the long term, as well as other cryptocurrencies that he believes will do well in the future.
Scaramucci brought up the issue that many investors claim to be long-term investors but are swayed by what occurs in the near term. “Everyone is a long-term investor until they experience short-term losses, at which point they panic out,” the CEO explained. “Take a deep breath, remain long bitcoin and other cryptocurrencies like Algorand and Ethereum, and I believe you’ll be extremely well served long-term in those investments,” he recommended.
BTC Is BTC
The value of bitcoin is now determined by how much it sells in comparison to the dollar. This is how investors assess their assets and performance in the market. Scaramucci, on the other hand, dismisses the notion of pricing bitcoin in terms of monetary amounts, urging investors to just look at the digital commodity for what it is: bitcoin. BTC is BTC, and the dollar is the dollar for the CEO.
He said that he advises customers of his financial business SkyBridge Capital to invest in cryptocurrencies if they scale their investments correctly. “I don’t want my customers to miss out on this.” “I’m urging them to size it adequately – 1% to 3% allocation, 1% to 4% at cost,” I say. This is due to the CEO’s belief that cryptocurrencies such as bitcoin will inexorably become a part of the future.
Scaramucci also offered advice to those who become unduly enthusiastic about the stock market. He believes that placing a modest part of one’s investment portfolio into cryptocurrencies is a good idea, but he warns against trying to leverage digital assets like bitcoin because of their extreme volatility and the uncertainty that still surrounds them. “It’d be like pulling a lever on Amazon in 1998, 1999, and 2000,” the CEO said.
