Skybridge CEO Lists Factors To Spur Crypto Market Recovery
The crypto industry is gradually seeing a glimpse of light with promising improvement in the performance of digital assets. Based on the flowing uptrend, Anthony Scaramucci, the founder and managing partner of Skybridge Capital, expressed optimism about the crypto future. Furthermore, he pointed out the key players that would positively impact crypto markets in the future.
Scaramucci advised that investors should keep up their confidence and focus as they look beyond the present atmosphere. There would be a change for greater market profitability due to a long-term overtake with price surges.
The manager expressed his views during an interview with CNBC. He maintained that lots of new projects and innovations in the crypto space are making a difference. But, to him, it would be long before the increased commercial flows in the space would yield more rewards.
Further, Scaramucci pointed out some key factors that he believes are contributory to the recovery of the crypto market. First, he stated that the Ethereum blockchain is finally getting its long-awaited upgrade as the Merge takes place on September 15.
As the world’s second-largest cryptocurrency, the upgrade from Ethereum would significantly impact its market price. With the Merge launch, the network would transit from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS).
The outplay of events preceding the Merge is already creating positive results for the Ethereum network. Investments are increasing daily for Ether and its derivatives in the market. This comes with the positive sentiment from the Merge, which Scaramucci noted is spiking the demand for Ethereum and its products.
Developments Likely To Brighten Crypto Market
According to Scaramucci, more investors are buying the Ethereum Merge rumor. They might have to sell also due to news on the transitions. But, Scaramucci advised participants to desist from such motives while investing. To him, the assets are long-term investments that should go with higher profitability in the long run.
Additionally, Scaramucci listed other positive indicators that would spike the crypto market in the future. This includes the Lightning Network, a layer two payment protocol built on the Bitcoin blockchain, with increasing improvement signs.
Also, there’s the partnership between BlackRock and Coinbase and BlackRock’s launch of a spot Bitcoin private trust fund.
In Scaramucci’s opinion, the CEO of BlackRock, Larry Fink, understands the high institutional demands for digital assets. This prompts his moves in making some collaborations, especially with Coinbase, and developing relevant products.
Though prices still fluctuate, some cryptocurrencies are making progressive upward moves. For example, Bitcoin had about a 20% increase last month while Ether gained 62%.
Also, while noting the impressive record of July on the inflation rate, Scaramucci anticipates a better float of the global economy. As a result, he expects the next 6 to 12 months to give strong output similar to the Q4 of 2019.
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