The head of the SkyBridge Capital hedge fund explained why Ethereum and ADA are likely to continue to rise alongside Bitcoin in the future.
SkyBridge Capital CEO Anthony Scaramucci still believes that Bitcoin could reach $100,000 by the end of the year. He also thinks that assets like Cardano and Ethereum will continue to rise.
Scaramucci was a guest on Squawk Box recently and told host Andrew Ross Sorkin how he looks at the biggest drop in recent times, with Bitcoin dropping nearly $5,500 in just two hours.
Scaramucci believes he rose quickly on news that El Salvador made Bitcoin a legal currency and bought 400 BTC. He said there was a lot of leverage in the market at the time and everything had blown up in the last 48 hours. Because of this, Bitcoin has fallen hard.
But Scaramucci is confident that demand for Bitcoin and its fundamentals continues to improve. Specifically, he noted that a lot of positive news about BTC emerges almost daily: new wallets, higher activity on the network, higher chances of Bitcoin futures ETF approval by the SEC, etc.
Despite the price drop to the $29,000 area, he still believes that Bitcoin could reach $100,000 by the end of the year.
Positive Prospects for Ethereum and Cardano
Scaramucci talked about a lot of great things happening in the crypto-asset market right now. In particular, he drew attention to the launch of more and more dApps. According to him, projects like Algo, Cardano and Ethereum will continue to rise as they have multiple uses now and in the long run.
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