‘Demand shock’ looming for Bitcoin (BTC) as institutions look to BTC, says hedge fund head Anthony Scaramucci

‘Demand shock’ looming for Bitcoin (BTC) as institutions look to BTC, says hedge fund head Anthony Scaramucci

‘Demand shock’ looming for Bitcoin (BTC) as institutions look to BTC, says hedge fund head Anthony Scaramucci

Former White House Communications Director Anthony Scaramucci believes that Bitcoin (BTC) has strong fundamentals that will drive demand going forward.

In a new interview with CNBC’s Fast Money Halftime Report, Scaramucci was asked to speculate on the general state of cryptocurrencies.

“Well, look, there are a couple of positives. Obviously the negatives were a combination of fraud and over-leveraging in the system while the Federal Reserve was raising rates, so they got those people. And I think it caused a technical overselling of Bitcoin and Ethereum. The bounce you’re seeing right now is a combination of fundamental buying and some short covering.”

The CEO of Skybridge Capital says that two factors explain an upcoming shock to demand for the leading cryptocurrency by market cap, Bitcoin.

“Since the last time we spoke, two important things have happened on the institutional side. Number one: Fidelity is allowing their 401(k) products to offer Bitcoin, Skybridge just switched to that… And number two: Last week, BlackRock said, in addition to partnering with Coinbase on its Aladdin risk management program, BlackRock said that they are going to offer a private trust that will give their clients the opportunity to invest directly in Bitcoin.

So for me, I think these things that are happening right now are going to create an impact on the demand for Bitcoin. So there’s just not much supply of Bitcoin out there, so I think by the end of the year we’ll recover from Bitcoin, and I think people just go crazy during the market violence, so to speak…”

At the time of writing, the king of cryptocurrencies costs $24,211.

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Featured Image: Shutterstock/SimpleB/Tithi Luadthong

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