The founder of investment firm SkyBridge Capital says crypto assets are now searching for their fair market prices after going through a depression phase.
In a new one interview Joining Bloomberg Television, hedge fund veteran and former White House press secretary Anthony Scaramucci says digital asset prices have fallen by billions of dollars since FTX’s demise in 2022.
According to Scaramucci, the U.S. Securities and Exchange Commission’s (SEC) approach to regulating the industry through enforcement was also a crucial factor in keeping crypto prices low.
“I think the [crypto markets] have been ridiculously depressed, meaning you haven’t yet found a price discovery in Bitcoin, or assets like Solana or Ethereum, mainly due to the debacle that happened in 2022 and then the required ridiculous regulation by enforcement, the erratic nature of the regulation, the various lawsuits that the SEC has lost.”
However, he goes on to say that the markets now believe they will be fairly regulated as it has been reported that SEC Chairman Gary Gensler will likely resign before President-elect Donald Trump takes office. With the new government widely expected to be pro-crypto, Scaramucci says digital assets – including Bitcoin (BTC) – are now seeking their fair market value.
“Now that the market sees that it will be more fairly regulated, it is looking for the right price for Bitcoin. And honestly, we still have a very low price for Bitcoin, in terms of what Bitcoin is to the world. You know, it’s not a stock, it’s an asset class and trading should be much closer to where gold’s market cap is.”
Bitcoin is trading at $90,612 at the time of writing.
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Generated image: Midjourney